Mining revenue sharing scheme finalized soon

MANILA, Philippines - The government is set to finalize the draft bill for a new revenue sharing scheme for mining during the Mining Industry Coordinating Council’s (MICC) meeting next week, an official said.

“The TWG (technical working group) assigned to prepare a new revenue sharing scheme is set to present in the next MICC meeting that is on June 3, 2013,” Mines and Geosciences Bureau (MGB) director Leo Jasareno said during the Philippine Mining Forum held yesterday.

He said the government wants to have a revenue sharing scheme that would be based on the gross sale of the mining firm.

“Whether or not a mining firm has profit, government will always have a share,” he said.

The plan is to have the draft bill to be presented in the meeting, submitted to the President for approval, to serve as the official position or proposal of the executive branch.

“It is envisaged that a draft bill on such new revenue sharing scheme shall be filed in the Congress of the Philippines as soon as it resumes session in July of this year,” Jasareno said.