The Chamber of Mines of the Philippines (COMP) said it strongly supports the reconciled version of the mining fiscal reform bill, calling it a progressive framework that balances government revenue generation and industry viability.
The bill, approved by the Bicameral Conference Committee, shifts from a flat-rate tax system to one based on profit margins and windfall earnings.
COMP said this as a more equitable approach, allowing the government to benefit from high global commodity prices without overburdening mining firms during market downturns.
“While a tax increase is inevitable, this progressive and responsive approach ensures that the state gains more when prices are high while supporting the industry when conditions are less favorable,” COMP said in a statement.
The group also welcomed the removal of a provision in Senate Bill 2826 that sought to ban raw ore exports.
COMP said the decision shows a clear recognition of the realities facing the Philippine mining industry, including infrastructure limitations, policy uncertainties and the technical characteristics of its mineral deposits.
“Clearly, this is a strategic step toward revitalizing the industry. It reflects a realistic understanding of our mining landscape and sends a strong signal to investors,” the group said.
It described the final measure as a “win-win” that would result in fairer and more sustainable government revenues while helping attract more local and foreign investment. It also highlighted the bill’s role in strengthening the country’s position in the global clean energy supply chain.
The chamber noted the potential of responsible mining to boost regional economies, support host communities and fund local governments, provided proper regulation is in place.
The chamber said it looks forward to President Ferdinand Marcos Jr.’s signing of the bill into law.
