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Thursday, December 09, 2004
New mining act to boost economy
THE new Philippine Mining Act could boost the mining industry and generate more jobs for the Filipinos.
Sofronio Jucutan, president of the Davao City Chamber of Commerce and Industry Inc., said the latest decision of the Supreme Court on ownership of foreign mining firms is a welcome move, however he said that merit of the rules should not be shortcut.
He said equipment used for exploration should not be charged against incentives when mining operations are in full swing.
He said revenues exacted from the mining industry could pump the economy.
"Investors should pay all duties and taxes," he said.
Jucutan said foreign investors are conscious of their responsibilities especially in paying their taxes.
He said mining is a good opportunity for the Philippines because most of the gold deposits in Asia are found in the country.
He said there are a lot of foreign investors interested in the mining industry like Australia, USA, Canada, Germany and the European countries.
It was reported during the 13th Mindanao Business Conference (MBC) that the projected investments in mining and exploration from 2004 to 2020 could reach P730 billion once the country develops 25 new mineral discoveries in 15 years.
(December 9, 2004 issue)
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