Senate approves mining tax increase


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Majority of the Senators of the Philippines agreed to double the taxes on mining. Ten senators voted yes, three voted no, and others abstained.

An amendment by Senator Ralph Recto on the tax reform doubling all mining taxes (from 2%-4%) has been approved by the upper chamber on Monday.

Meanwhile, as included in the amendment, the current taxes in Coal will increase from P10 per metric ton to P100/MT in 2018, P200 in 2019, and P300 by 2020 according to ABS CBN News.

Those who voted yes for the amendment were Senators Ejercito, Escudero, Drilon, Hontiveros, Sotto, Juan Zubiri and Gatchalian.

Committee on Ways and Means chair Senator Sonny Angara was among those who chose to abstain.

Philippines is one of the countries in the world with the lowest tax when it comes to mining. That is, for every 100 pesos a company makes, only 2 pesos goes to the country.

Meanwhile, the ban on open-pit mining stays, according to Malacañang.

This article has been viewed 102 times. Article originally posted: November 27, 2017, 10:35 pm (UTC-0). Last update: November 27, 2017 at 10:35 pm (UTC-0).

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