NGOs call for higher taxes on mining firms so Philippines can benefit from transition minerals boom

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Proposed taxes in the Philippines' new mining reform bill should follow rates imposed by top mining countries Chile and Peru to allow the archipelago to extract full value from its critical minerals, nonprofit Bantay Kita says.

This year alone, a massive landslide hit a gold-mining community in Davao de Oro, which left 93 dead in February, while homes were destroyed in a town in Surigao del Norte three months after.“The Philippines is a particularly climate-vulnerable country, so it is in our interest not to allow corporations to make money out of our misery,” Pedrosa added.

The tax rate proposed by the mining fiscal reform bill in the Senate in September is too low, said Magno, associate professor in the school of economics at the University of the Philippines and an outspoken critic of the mining industry.

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Author / Journalist: Hannah Alcoseba Fernandez

Category: EconomyBusiness

Markets: SingaporeAustraliaCanadaChileChinaIndonesiaJapanPeruPhilippinesUnited States

Topics: Solar Renewable energy Electric vehicles Mining Legislation Tax Wind Clean energy Inequality

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-10 @ 09:00:00 (1 days ago)

News Timezone: GMT +8:00

News Source URL: eco-business.com

Language: English

Article Length: 1002 words

Reading Time: 6 minutes read

Sentences: 33 lines

Sentence Length: 31 words per sentence (average)

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Copyright Owner: © Eco-Business

News ID: 22988247

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