P6.3-B revenues from mining tax

Around P6.3 billion worth of annual revenues from existing mines is expected to be added to the government’s coffers following the enactment of the enhanced mining fiscal regime, according to the Department of Finance (DOF).

- By DERCO ROSAL

“The new measure is expected to generate an estimated average annual incremental revenue of 26.26 billion for existing mines,” the DOF said in a statement on Thursday, Sept. 4.

Signed by President Ferdinand R. Marcos Jr. into law on Thursday, Sept. 4, the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act simplifies the mining fiscal regime by removing complex tax distinctions among different mining agreements.