Senator Joseph Victor Ejercito on Tuesday said the newly signed Enhanced Fiscal Regime for Large-Scale Metallic Mining Act or Republic Act 12253 is expected to generate an additional ₱6 billion annually for the government.
Ejercito, the principal author and sponsor of the measure, witnessed the ceremonial signing of the law by President Ferdinand R. Marcos Jr. on September 4 in Malacañang.
He said the reform establishes a fair and uniform tax regime for the mining industry.
“With this law, we harness the potential of our mining sector and turn our mineral wealth into national wealth. We make sure that mining works for the people, protects our environment, and fuels our national development,” Ejercito said.
The law ensures the faster release of mining taxes and royalties to local government units, allowing them to fund projects and services that directly benefit their constituents.
Ejercito added that the additional revenues could help finance major infrastructure projects and support Universal Health Care.
However, he expressed regret that his proposal for a five-year moratorium on exporting locally-extracted minerals was excluded from the final version but vowed to refile it in the next Congress to promote local processing and job creation.