The Department of Finance said the Marcos administration would push for a new mining fiscal regime to increase public tax revenues and promote transparency.
Once enacted into law, Diokno said the new mining fiscal regime “will encourage full public disclosure on extractive industry and increase government share by imposing a single fiscal regime applicable to all mining agreements. “The Philippines, after all, is one of the world’s most richly endowed countries in terms of mineral resources,” he added.
But Diokno also pointed out that the government expects the mining industry to strictly adhere to responsible and sustainable mining practices.
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