PNoy pushes tax reform

President Benigno Aquino III asked Congress to support his proposed overhaul of the mining tax regime as he introduces reforms to sustain growth in the face of a global economic slowdown.

“We are hoping for the cooperation of Congress in passing a law that will ensure the protection of the environment and ensures that the public and private sectors receive just benefits from this industry,” Aquino said.

Aquino signed a new mining policy aimed at concern over environmental damage and attempting to raise government revenues from mining, a move that could impact mineral projects expected to bring in up to $12 billion over the next five years.  Congress needs to approve Aquino’s proposal to review mining revenues, possibly via the imposition of a 5-7 percent royalty on all mine ventures, before Manila resumes granting permits for new projects.— (Reuters)