New mining reporting rules take effect | ABS-CBN
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New mining reporting rules take effect
New mining reporting rules take effect
MANILA -- Mining companies now need to submit exploration results both quarterly and annually as new mineral reporting rules took effect on Monday, January 13.
MANILA -- Mining companies now need to submit exploration results both quarterly and annually as new mineral reporting rules took effect on Monday, January 13.
Rocky Dimaculangan, vice president for communications of the Chamber of Mines of the Philippines, said his group welcomes the new rules.
Rocky Dimaculangan, vice president for communications of the Chamber of Mines of the Philippines, said his group welcomes the new rules.
"This will help achieve our primary purpose of protecting the investing public through transparency and consistency in promoting a common understanding In public reporting of minerals comparable with global standards," he said.
"This will help achieve our primary purpose of protecting the investing public through transparency and consistency in promoting a common understanding In public reporting of minerals comparable with global standards," he said.
He also noted that this move will help boost investor's confidence.
He also noted that this move will help boost investor's confidence.
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Dimaculangan said some listed mining firms are doing this already, while other companies are submitting sustainability reports, which means abiding by the new rules will not be a challenge.
Dimaculangan said some listed mining firms are doing this already, while other companies are submitting sustainability reports, which means abiding by the new rules will not be a challenge.
He also noted that the Philippine mining industry remains upbeat on nickel and copper in 2025.
He also noted that the Philippine mining industry remains upbeat on nickel and copper in 2025.
"We remain upbeat on nickel, given that the rapid adoption of electric vehicles and renewable energy technologies will undoubtedly drive demand in 2025 and beyond. Copper, on the other hand, will demonstrate its increasing role as a vital indicator of global economic health, and like nickel, a catalyst of decarbonization efforts," he said.
"We remain upbeat on nickel, given that the rapid adoption of electric vehicles and renewable energy technologies will undoubtedly drive demand in 2025 and beyond. Copper, on the other hand, will demonstrate its increasing role as a vital indicator of global economic health, and like nickel, a catalyst of decarbonization efforts," he said.
The official stressed, however, that the country needs to shorten the mineral application process and improve tax laws in order for the mining industry to go further.
The official stressed, however, that the country needs to shorten the mineral application process and improve tax laws in order for the mining industry to go further.
"The mineral application requires over 1,000 signatures so, but we're delighted to know that the (Department of Environment and Natural Resources) is already working on cutting the red tape, so to speak, to whittle down repetitive processes, and we're looking forward to their full implementation."
"The mineral application requires over 1,000 signatures so, but we're delighted to know that the (Department of Environment and Natural Resources) is already working on cutting the red tape, so to speak, to whittle down repetitive processes, and we're looking forward to their full implementation."
He also welcomed President Ferdinand Marcos Jr.'s renewed call for the passage of a proposed measure on the rationalization of the Philippine mining fiscal regime.
He also welcomed President Ferdinand Marcos Jr.'s renewed call for the passage of a proposed measure on the rationalization of the Philippine mining fiscal regime.
"If a tax increase is unavoidable, then a margins-and-windfall profits-based tax scheme, such as that approved by the House and now pending in the Senate, will be the most preferred system. This will put the Philippines at par with other mining jurisdictions and ensure sustainable and vibrant mining industry," he said.
"If a tax increase is unavoidable, then a margins-and-windfall profits-based tax scheme, such as that approved by the House and now pending in the Senate, will be the most preferred system. This will put the Philippines at par with other mining jurisdictions and ensure sustainable and vibrant mining industry," he said.
--ANC, 13 January 2025
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