Marcos seeks VAT from partially processed ore exports rather than mining tax hike

President-elect Ferdinand "Bongbong" Marcos, Jr. said Monday he was eyeing the collection of value-added taxes from the exportation of partially processed ore as an alternative to increasing mining taxes.

Marcos made the response when asked if his administration would be keen on pursuing increased mining taxes which had been previously proposed but failed to gain ground.

"We are trying to address that [proposed increase in mining taxes] with more value added [taxes]. As to the fiscal measures needed, we haven't decided on that yet, but what we are trying to achieve is to decrease export of raw ore... we would export partially processed ore instead so there is value added [tax]," Marcos explained.

In addition, Marcos stressed that mining operations should not come at the expense of environmental destruction.

"We have to view the mining... our natural resource as a treasure which could help the Philippines a great deal. We must ensure that practices we see in mining operations are environmentally neutral, although that has not necessarily been the case we are all aware of," Marcos said.

"I don't believe that we cannot monitor and regulate the mining industry for it to be efficient and clean," he added.

Just a month ago, the South Cotabato provincial government lifted a ban on open-pit mining which would pave the way for the long-delayed copper and gold Tampakan project.

This came after the Department of Environmental and Natural Resources lifted the four-year ban on open pit mining last December 2021.  — DVM, GMA News