MANILA, Philippines — President Ferdinand Marcos Jr. on Thursday signed into law a measure that seeks to modernize the country’s mining fiscal regime.
The President signed Republic Act (RA) 12253 or the "Enhanced Fiscal Regime for Large-Scale Metallic Mining Act" in a ceremony in Malacañang.
The new law seeks to simplify and rationalize the fiscal regime for large-scale metallic mining, ensuring an equitable share of mining revenues for the government while upholding the principles of transparency, accountability and good governance in the mining industry.
Under the law, the estimated revenue impact from 2026 to 2029 is projected at P25.08 billion in total or an average of P6.26 billion per year.
Marcos signs mining tax regime law, This news data comes from:http://771bg.com
RA 12253, which is one of the priority measures of the Legislative-Executive Development Advisory Council, consolidates the provisions of House Bill 8937 and Senate Bill 2826.
Marcos signs mining tax regime law
- US strike marks shift to military action against drug cartels
- China's Xi holds talks with North Korea's Kim in Beijing
- Venezuela deploys warships, drones as US destroyers draw near
- Giovanni Lopez pledges to continue and expand DOTr reforms
- 15 people hospitalized after double-decker bus crashes outside London's Victoria Station
- Pasig fire kills child, injures mother as she tries to save him
- Head of main US health agency abruptly dismissed
- DOJ indicts Abra Mining for fraudulent trading
- Hope dwindles for survivors days after deadly Afghan quake
- Typhoon death toll rises in Vietnam as downed trees hamper rescuers
