“If that bill passes, we are not going to see investments in our mineral sector anymore from quality companies,” he added. “[T]hey will not come here if the tax structure is too expensive.”The proposed tax is costlier than major mining countries Australia, Canada, Chile, Peru and South Africa, according to the mining group head. The bill is part of the Duterte administration’s comprehensive tax reform program aimed at making the country’s taxation system more equitable and earn additional revenues for its massive “Build Build Build” infrastructure program. To communicate the gains of responsible mining in the country, effective environment and social safeguards must be in place, Rebuelta-Teh said. “The mining performance review and recent policy issuances are efforts to build public confidence in mining,” she added.

Source: Manila Times September 19, 2018 16:30 UTC