Photo Release

Modernized tax regime: Sen. Joseph Victor “JV” Ejercito underscores the importance of mining to strengthen and revitalize the economy, saying the country is still recovering from the lingering effects of the pandemic. In his sponsorship speech on Senate Bill No. (SBN) 2826 or the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, Ejercito said the measure seeks to foster an enabling policy environment by correcting the current mining tax regime that is fraught with complications. This bill proposes a modernized tax regime specifically for large-scale mining activities...those involving exploration, feasibility, development, utilization, and processing under a mineral agreement or financial or technical assistance agreement, as defined in Republic Act No. 7942 or the Philippine Mining Act of 1995. The proposed regime is designed to be fairer, simpler, more competitive, and sustainable, the senator said. “With our nation having some of the world’s largest mineral reserves in nickel, copper, cobalt, chromite and gold , among other precious metals, the Philippines is strategically poised into the growing global demand for green technologies,” Ejercito said Tuesday, September 17, 2024. “By responsibly harnessing our abundant mineral resources, we can ensure maximum benefit for the Filipino people while contributing to a more sustainable future,” he added. (Senate Public Relations and Information Bureau)