Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News

News : $PAGE_TITLE
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
The feature you requested does not exist. However, we suggest the following feature:

Philippines lifts nine-year-old ban on new mines to boost revenues

04/15/2021 | 12:31am EDT

* Philippines is one of world's top nickel, copper, gold producers

* Government seeks to boost state revenues with new mines

* State to renegotiate contracts for better terms

* Moratorium in place ahead of legislation to boost state returns

MANILA, April 15 (Reuters) - Philippine President Rodrigo Duterte has lifted a moratorium on new mineral agreements imposed in 2012, reopening the door to fresh mining investments as he seeks to boost state revenues to fund infrastructure projects and other initiatives.

Duterte has issued an executive order that allows the government to enter into agreements for new mining projects and undertake a review of existing mining contracts and agreements for possible renegotiation of the terms.

The moratorium had been imposed while the government worked on legislation to boost the state's share of mining revenues in one of the world's top producers of nickel, copper and gold.

Under a tax reform law that took effect in 2018, the excise tax on minerals, mineral products and quarry resources has been doubled to 4%.

The executive order, made public by the presidential palace on Thursday but signed a day earlier, directs the Department of Environment and Natural Resources to formulate the terms and conditions in the new mineral agreements in order to maximise government revenues.

The department, however, is also tasked with strictly implementing rules on mine safety and environmental policies with the lifting of the ban.

The resources-rich Southeast Asian country is currently the biggest supplier of nickel ore to top metals consumer China, though less than 5% of its reserves of all minerals are estimated to have been extracted so far.

Mining is a highly contentious issue in the Philippines after past cases of environmental mismanagement have fuelled a strong lobby against the industry led by local governments, legislators, advocacy groups and the Catholic church.

Duterte, who had shortly after coming to office in 2016 warned miners to follow tighter environmental rules or be shut down, has upheld a ban on new open pit mines, despite a push by senior officials to soften the policy.

(Reporting by Enrico Dela Cruz Editing by Ed Davies)


© Reuters 2021
Latest news
12:31aPhilippines lifts nine-year-old ban on new mines to boost revenues
RE
12:31aFLEX LNG† : to present at Arctic Securities Shipping Webinar
AQ
12:31aNORCOD† : unveils new visual identity
AQ
12:28aChina stocks fall as tightening fears mount ahead of GDP data
RE
12:26aMODERNA† : Homeless Americans finally getting a chance at COVID-19 shot
AQ
12:25aSHENZHEN INTERNATIONAL† : Form of Proxy for Annual General Meeting to be held on Tuesday, 18 May 2021
PU
12:25aCORNING NATURAL GAS INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL OF LOUISIANA : Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Corning Natural Gas Holding Corporation - CNIG
BU
12:23aSHENZHEN INTERNATIONAL† : Proposals for (1) Re-election of Retiring Directors; (2) General Mandates to Issue Shares and to Repurchase Shares; (3) Change of Auditor and Notice of Annual General Meeting
PU
12:22aSHAREHOLDER ALERT : Pomerantz Law Firm Investigates Claims On Behalf of Investors Olo Inc. - OLO
GL
12:21aDistributional Effects of Exchange Rate Stabilization in Emerging Markets
PU
Latest news