Time to reboot PH mining industryhome/Business/Business Columns/Time to reboot PH mining industryTHE passage by the House of Representatives of a new fiscal regime for mining revenues about two weeks ago should be a sign that the government is ready to end what has been six years of complete disarray for one of the country’s most important economic sectors. Mining is one of the most contentious areas of policy in just about every place it is pursued because it unavoidably poses significant environmental and social risks. Aquino’s action suspended the processing of new mining applications and the issuance of Mineral Production Sharing Agreements (MPSAs), and left existing mining operations uncertain as to what the replacement to the 1995 Mining Act would be. That has been carried out more slowly than it should be, but it is progressing, and has established the vital environmental side of mining policy. Of course the mining industry has balked at any notion of stiffer environmental standards and higher taxes, because “it will discourage investors.” It is a complaint the Philippines can safely ignore.

Source: Manila Times November 28, 2018 16:30 UTC