AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
  • Home
  • News
  • Features
  • Business
No Result
View All Result
AngMinero
No Result
View All Result
Home News

DENR plans to increase LGU’s share in mining tax

AngMinero News by AngMinero News
April 24, 2018
in News
27 1
0
DENR removes mine tunnels in Baguio town
84
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

The Department of Environment and Natural Resources (DENR) is planning to propose an increase in the portion where local government units will get from mining companies in order to ensure fairness in the extractive industry.

DENR Secretary Roy Cimatu said that his department will make sure that the development of the country’s natural resources will benefit the people, especially in the areas affected by mining.

“We will propose and support regulations that will increase the share of local government units in mining taxes, including making certain its timely release, to enable the local government to implement projects that will improve the living conditions in mining communities,” Cimatu said.

He also said that they will declare high-mineral potential areas as mineral reservations, and monitor strictly the payment of royalties by mining companies operating.

The taxes that will be collected from the mining companies will be different for every LGU depending on the agreement of both parties.

Mining companies operating under a mineral production sharing agreement (MPSA) pay the regular corporate tax, two percent excise tax, business tax, royalty payment for indigenous peoples directly affected by mining operation, under the present system.They also pay royalty for mineral products extracted from mineral reservations.

Firms that operate in mineral reservation areas will also pay an additional five-percent royalty. Those that operate under a financial and technical assistant agreement (FTAA) must share 50 percent of their revenues with the government.

In order to improve transparency and accountability in the mining sector, DENR promised that all mining companies, including small-scale miners, will take part in the Philippine Extractive Industries Transparency Initiative (PH-EITI).

Cimatu is looking forward to greater participation by all stakeholders in the PH-EITI to gauge more accurately the benefits against the costs of natural resources development.

PH-EITI is a multi-stakeholder group that pushes for the local implementation of a global standard of transparency for improving governance of natural resources.

It also serves as a platform to systematically report, review, and asses the revenues received by the government from extractive industries.

DENR is ordering mining firms to submit the needed requirements to the multi-sectoral group of PH-EITI.

Tags: denrLGU

Related Posts

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley
News

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

June 17, 2025
Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices
News

Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices

June 17, 2025
OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya
News

OceanaGold Allocates PHP280 Million for Exploration in Didipio Area

June 17, 2025
PNIA seeks to join int’l industry group
News

PNIA Welcomes Removal of Ore Export Ban in Final Mining Fiscal Reform Bill

June 17, 2025
Senate Ratifies Fiscal Reform Bill for Large-Scale Metallic Mining
News

Senate Ratifies Fiscal Reform Bill for Large-Scale Metallic Mining

June 17, 2025
Semirara Mining sees improved earnings in H2 amid stable coal prices
News

SMPC Secures Amended ECC for Semirara Coal Mine Expansion

June 13, 2025

FEATURED POST

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

June 17, 2025
Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices

Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices

June 17, 2025
OGPI Strengthens Local Ties with PHP48.5M Remittance to Nueva Vizcaya

OceanaGold Allocates PHP280 Million for Exploration in Didipio Area

June 17, 2025
PNIA seeks to join int’l industry group

PNIA Welcomes Removal of Ore Export Ban in Final Mining Fiscal Reform Bill

June 17, 2025

EDITOR PICK'S

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

June 17, 2025

Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices

June 17, 2025

OceanaGold Allocates PHP280 Million for Exploration in Didipio Area

June 17, 2025

PNIA Welcomes Removal of Ore Export Ban in Final Mining Fiscal Reform Bill

June 17, 2025

Senate Ratifies Fiscal Reform Bill for Large-Scale Metallic Mining

June 17, 2025

SMPC Secures Amended ECC for Semirara Coal Mine Expansion

June 13, 2025

Australian Mining Delegation to Visit Philippines in Late 2025 Amid Renewed Sector Interest

June 11, 2025

Recent News

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

DMC Ensures Responsible Mining and Tree Replanting in Cagayan Valley

June 17, 2025
Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices

Lepanto Net Income Soars to PHP659 Million on Gold Output Growth, High Prices

June 17, 2025

Category

  • Business
  • Features
  • News
  • Uncategorized

Follow us

  • Setup menu at Appearance » Menus and assign menu to Footer Navigation

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In