Almost a month into the newly reformed tax law, investments and improved productivity in the mining industry remain in stall due to the imposed suspension on incoming mining contracts streamlined for review and approval.
This is the cry of the Mines and Geosciences Bureau (MGB), reiterating 2018 is a relatively positive year for the mining industry that would be brought in by new opportunities homegrown as well as from many parts of the world.
However, the Environment Department is still reluctant on lifting the moratorium as it wishes to assess with the Mining Industry Coordinating Council (MICC) if the tax increase is “enough.”
“The moratorium is still in effect. We will look into it since part of the moratorium is the tax increase. We will find out now if this (increase) is enough. We will tackle it with the MICC,” Environment Chief Roy Cimatu told The Philippine Star yesterday.
The Tax Reform for Acceleration and Inclusion (TRAIN) Law is now in full swing, which imposes a four percent tax on mining, a notable increase from the two percent decades previous.
“This will be a significant contribution in revenues for the government,” Cimatu added.
Cimatu, along with the MICC, also remains on track ensuring miners to prioritize responsible mining in their respective operations, among other controversies taunting his ministry.
“I told them to shape up because it appears that some of them are still not doing what they’re supposed to do,” he said.
Earlier, the DENR (Department of Environment and Natural Resources) and MICC vowed to assess all 28 mining companies closed and banned by ex-Environment Secretary Regina Paz Lopez last year.
Cimatu also recently met with industry players in altering issues facing the DENR since the beginning of his term.
