MANILA: 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.
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 per cent. 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 per cent of its reserves of all minerals are estimated to have been extracted so far.
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