Marcos Signs Mining Tax Law as Philippines Seeks More Investment

Philippine President Ferdinand Marcos Jr. on Thursday signed a law aimed at boosting state revenue from large mining operations through a profit-based tax system that miners say may help attract fresh investments.

The measure imposes a five-tier tax ranging from 1% to 10% on windfall profits from mines based on margin. It also introduces a margin-based royalty on income from mines outside mineral reservations, ranging from 1% to 5%, and a minimum royalty of 0.1% on gross output.

“Minerals are finite. Once extracted, they are gone forever,” Marcos said after signing the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act. ...