Thursday, August 14, 2008 Benguet, LGUs get P49M Philex shares
LOCAL government units (LGUs) in Benguet will enjoy millions worth of additional revenues, with the release of their national wealth tax shares from the mining industry.
The towns of Tuba and Itogon are expecting more than P11 million each from the operation of Philex Mining Company.
Barangays Ampucao (Itogon) and Camp 3 (Tuba) meanwhile will get more than P8.6 million each as their shares from the mining taxes paid by Philex, while the province will receive more than P9.8 million.
These amounts were allotted from the payments made by the mining firm from the last quarter of 2005 to the first three quarters of 2006.
The two municipalities and their respective villages are getting equal shares from Philex pending the resolution of the long-standing land boundary disputes as to what municipality has the jurisdiction over the area of operations of Philex.
Benguet received more than P49 million of the P50 million released by the Department of Budget and Management from the mining taxes of Philex.
Rizal Province in Region 4-A received more than P1 million, which was divided between the province, two cities, two towns and four barangays.
Governor Nestor Fongwan said Benguet's mining tax shares for the last quarter of 2006 and the first three quarters of 2007 are to be released before the year ends. (JC)
