Sunday, September 18, 2005
Gov't urged to decentralize mining applications
BUSINESS people in Mindanao have urged the government to decentralize applications for mining operations in a bid to fast-track mining investments for the island.
Mindanao Business Council (MBC) Vice-Chairman Romeo Serra said the national government should start to loosen up the tight policies regarding the Philippine mining operations.
Serra said the business community wants permits for exploration be issued from Mindanao because it will take time for a company to start operations if they still have to go to Manila just to apply.
"We cannot anymore delay the programs for Mindanao because the more we delay, the greater the cost of development", Serra said.
MBC's move came after Supreme Court declared the constitutionality of foreign investments into the country's mining industry.
The government has earlier projected over a billion in earnings from the development of 23 mining projects in the country, the bulk of which are located in Mindanao.
Accordingly, 70 per cent of the total mineral reserves in the country are found in the island.
For his part, Senator Manuel Villar expressed support for the MBC's move saying it could empower the local governments to earn more revenues.
The Bureau of Mines projects that the government could earn over US$61 million in excise taxes and US$431 million in corporate income taxes yearly from the earnings of mining companies.
For Bisaya stories from Davao. Click here. (September 18, 2005 issue)
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