The Chamber of Mines of the Philippines (COMP) and the Philippine Nickel Industry Association (PNIA) are backing the fiscal provisions of Senate Bill 2826, recognizing its potential to bolster the country’s mining industry and generate broader economic benefits.
The bill, which passed its second reading on Tuesday, proposed a margins- and windfall-profits-based tax scheme aimed at providing a sustainable mining sector while contributing to national development.
In a report by BusinessWorld, COMP and PNIA expressed optimism about the measure, highlighting its alignment with international mining taxation practices and its potential to enhance the Philippines’ global competitiveness in the industry.
Beyond taxation, COMP and PNIA voiced their support for the initiatives to establish a fully developed mineral processing industry. They emphasized that strategic reforms would position the Philippines as a key hub for value-added mineral processing.
They also commended ongoing government efforts to streamline mining permits and regulatory processes, as well as the President’s designation of mining as a critical industry for the nation’s economic development.
However, COMP and PNIA opposed a provision in the bill that sought to ban raw ore exports, stating it would be counterproductive and result in job losses and reduced government revenues. They instead called for a focus on infrastructure improvements, reduced energy costs, and regulatory stability.
The mining sector remains a significant contributor to government funds through taxes and royalties. The implementation of SB 2826’s fiscal measures is expected to further enhance revenue streams that support public services and community development programs.
The mining industry stakeholders emphasized the importance of balanced policies to encourage investments and ensure long-term economic benefits for Filipinos.
Keep updated on legislative reforms that impact industries and communities across the nation by following AngMinero.
