00:00Big business, such as large-scale mining operations, are prone to the depredations of shady and bad actors, like the public works and infrastructure industry.
00:10Hence, a proposed piece of legislation seeks to exact accountability and transparency in the mining industry by way of prompt and truthful disclosure of tax payments, ownership, among others.
00:23Our Rod Lagusad fills us in with more.
00:25Transparency and Accountability in the Mining Industry
00:31This is what the Republic Act 12253 or the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act seeks to promote.
00:39This was emphasized by the Department of Finance during the National Conference of the Philippine Extractive Industries Transparency Initiative,
00:46which included representatives from the government, industry, civil society, the academy, and the partner institutions.
00:52According to Undersecretary Bayani Agabin, under the law, there is mandate to disclose information on tax payments, ownership, and other related details.
01:00It establishes a multi-stakeholder oversight mechanism involving government, industry, and civil society to ensure that mining, revenues, and company data are accessible, verifiable, and accountable.
01:17By embedding these transparency practices in law, the Enhanced Fiscal Regime transforms voluntary initiatives into mandatory standards, reinforcing PHEAPI's mission.
01:29The PHEAPI serves as a platform for discussions among different stakeholders, especially when it comes to regulations.
01:36At present, work continues on the drafting of the Implementing Rules and Regulations, or IRR, of this law.
01:41For the Chamber of Mines of the Philippines, it is important that they are included in the consultations.
01:46There were very exhaustive consultations made, not just with us in industry, but also civil society.
01:54So our inputs were taken because the law proposes several innovations, particularly on transparency and increasing the government's share in mining revenues.
02:08From the side of civil society groups, the law has good provisions, but they say taxes to be imposed on mining companies are still not enough.
02:15Yung kagustuhan ng civil society sana na nakatutok sa usapin ng mining, ay maitaas ang royalty.
02:24Hindi lang sa mga nasa loob ng mineral reservation, kundi isali na yung mga outside mineral reservation operations.
02:33She said these have been included in the IRR to be released, but they hope the rates could still be increased, with royalty payments based on the earnings of the mining company.
02:41Along with this, she said the government must ensure the accurate declaration of mining company income.
02:46President Ferdinand R. Marcos Jr. said in September following the signing of the law that development should never come at the expense of people and the environment.
02:54He said the proper use of mineral resources can benefit the public.
02:58Broadleau said from the National TV Network for New and Better Philippines.
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