Finance Secretary Benjamin Diokno disclosed yesterday that the Marcos administration wants to reduce red tape in mining tax laws in order to lure mining companies to the Philippines.
Diokno said there is already a proposed measure in Congress to polish a clear policy of the mining tax laws, which is what President Ferdinand Marcos Jr. would want to happen.
“We will just have one tax. We will simplify the tax system and some royalty tax also. But we will try to make the tax system of the Philippines on mining competitive with other countries. That’s the gist of that proposal,” Diokno said.
“In fact, that’s one of the priority measures for this Congress and we expected to be approved soon,” he added.
Diokno said the proposed law must have uniform tax rates regardless of whether mining operations are permitted by law in the area.
He was confident that Congress would enact and approve the new mining tax law.
Diokno referenced the Marcos administration’s recent mining roadshow in Canada, which aimed to attract mining investors to the country.
“I think they have signified a lot of interest in our new economy and also given the new tax regime,” Diokno said.
Marcos had propelled the mining industry development, and at the same time, has been focusing on agriculture and tourism to boost the country’s post-pandemic recovery.