Atty. Mike Toledo (Chamber of Mines of the Philippines)

The Chamber of Mines of the Philippines welcomed recent policy breakthroughs that it says reflect meaningful progress on long-standing industry concerns.

“We are beginning to see meaningful progress resulting from the strategic recommendations we submitted under the auspices of the Private Sector Advisory Council to President Ferdinand R. Marcos Jr. in August 2024,” COMP chairman Mike Toledo said.

Toledo said the group’s presentation to President Ferdinand Marcos Jr. identified four major barriers that have discouraged mining investments in the country: “the absence of consistent, long-term mining policies; prolonged and cumbersome processes for approving exploration permits and mineral agreements; business continuity risks stemming from actions by certain local government units and communities; and tax uncertainties, coupled with a perceived lack of adequate benefits to invest.”

“Addressing these barriers is critical to unlocking the full potential of the Philippine mining industry,” he said.

Among the most significant developments, he noted, is the recent passage of the Mining Fiscal Reform Bill by the Bicameral Conference Committee. The measure, long championed by the Chamber, aims to modernize the country’s fiscal regime for mining, providing greater stability and predictability for investors.

“The reconciled version of the bill brings us closer to establishing a more rational, competitive, and stable fiscal regime for the mining sector; one that is aligned with both investor expectations and the government’s development agenda,” Toledo said.

The proposed legislation is expected to replace outdated fiscal terms with a more balanced tax structure, while also addressing concerns around excise taxes—an issue that COMP has consistently flagged as needing reform.

The Philippines is among the world’s most resource-rich nations, with untapped reserves of gold, copper, nickel, and other critical minerals.

The Marcos administration recently signaled stronger support for mining as part of efforts to drive economic growth and develop supply chains for the global energy transition.

Source: Bilyonaryo.com