The Chamber of Mines of the Philippines said Tuesday the world’s five largest mining companies expressed keen interest to pursue mining projects in the country with the lifting of the ban on open pit projects.
“They have shown interest regardless of taxation and the issue of flip-flopping of policies. These are some of the issues being discussed between the Department of Finance and the mining industry,” CMP chairman Michael Toledo said at the sidelines of the US Philippines Society briefing at the Manila Peninsula Hotel in Makati City.
Toledo said the mining companies, while concerned over anti-mining sentiments, were looking at the Philippines as the fifth highly-mineralized country in the world. Opportunities for mining outweigh other adversities, he said.
He said this interest from global mining firms bodes well for the Philippines as the shift to renewable power sources like the green batteries gain ground.
Nearly 100 percent of the metals used for renewable power and green batteries come from mining, especially for electric vehicles, he said.
“You can just imagine if we will be the supplier,” Toledo said.
Toledo said there are new developments in the mining industry, as the government reviews the existing revenue sharing scheme among the national government, the host communities and the mining companies.
The chamber said mining companies were asking the national government to take measures not to overtax the sector which is already heavily taxed.
“Excise tax on mining was increased to 4 percent on gross revenues. Add this to royalties, corporate and local taxes, we are already taxed out. That is why the sector calls on the government not to overtax mining firms,” Toledo said.
The Philippine is one of the most taxed mining jurisdictions compared to other mining countries, he said.
