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To boost revenue, Philippines terminates nine-year ban on new mines
By Enrico Cruz
Reuters
Thursday, April 15, 2021
Philippine President Rodrigo Duterte has lifted a moratorium on new mineral agreements imposed in 2012, reopening the door to investments in a move that will boost state coffers but has dismayed environmental activists.
The Philippines, the top supplier of nickel ore to China and a major producer of copper and gold, imposed the moratorium while the government worked on legislation to boost the state's share of mining revenues. Since 2018 the excise tax on minerals has doubled to 4%.
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Duterte's new executive order allows new mining deals and reviews of existing contracts for possible renegotiation. It also directs the environment ministry to formulate terms and conditions and to strictly implement rules on mine safety and environmental policies. ...
... For the remainder of the report:
https://www.reuters.com/business/energy/philippines-lifts-nine-year-old-...
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