SEN. JV Ejercito said the newly signed Enhanced Fiscal Regime for Large-Scale Metallic Mining Act will strike a balance between economic growth and environmental protection.

​President Ferdinand Marcos Jr. on Thursday signed into law Republic Act (RA) 12253, a landmark measure which Ejercito authored and sponsored., This news data comes from:http://771bg.com

​RA 12253 modernizes and streamlines the country’s mining tax system by putting all large-scale metallic mining companies “under one clear and fair tax regime,” Ejercito said.

​”The reform is expected to generate an additional P6 billion in revenues annually,” said Ejercito, who attended the law’s ceremonial signing in Malacañang.

New mining law to balance profit, ecology

​This amount can be used to fund “high-impact projects such as infrastructure and, of course, the Universal Health Care,” he said in Filipino.

​”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.

​RA 12253 also ensures the faster release of the rightful share of mining taxes and royalties to local government units (LGUs), he said.

​With quicker access to these funds, LGUs can implement more projects and services that directly benefit their communities, he added.

​Ejercito noted that one of his proposed provisions, which was not adopted in the final version, sought to impose a five-year moratorium on the export of locally extracted minerals.

​”We still did our best. We will fight for this [provision] in the next Congress,” he said.