Marcos Jr. admin sees streamlined mining tax laws

The Marcos administration wants a simplified mining tax systems policy in the country to attract more foreign mining companies and investors to the Philippines, Department of Finance (DOF) Benjamin Diokno said.

In a report by Palawan News, Diokno said that the already proposed measure seeks refinement to the existing mining tax system of the country and some royalty tax to propel mining industry development and ensure the sector’s global competitiveness, in accordance with what President Ferdinand Marcos Jr. aims to accomplish.

The finance chief affirmed his confidence in the enactment of the Congress towards the proposal and that the Marcos admin expects its approval soon.

In the proposed law, uniform tax rates should apply regardless of the mining operations permit status by law, he added.

Diokno also articulated prospective mining investors in the country have signified interest in the Philippine mining sector, also given the new tax regime, as seen during the government’s recent mining roadshow in Canada, which is also a mining country.

Along with the precedented approval of the new tax regime and conducted roadshows abroad, the government looks forward to luring mining companies to advance the mining sector of the country.

However, the mining industry was not mentioned during Marcos Jr.’s second State of the Nation Address (SONA).