New mining law can wait—Aquino

President Benigno Aquino III. FILE PHOTO/MALACAÑANG PHOTO BUREAU

Business groups eyeing new mining agreements may have long to wait as President Benigno Aquino is in no hurry to order up a new mining law.

Mr. Aquino—who recently issued Executive Order (EO) No. 79 imposing a moratorium on the grant of new mining agreements until Congress passes a new mining law that would increase the government’s share of mining operations—said mining could very well fall in line behind other priority bills pending in Congress.

“The mining [law] I think can wait a little while,” President Aquino told an ABS-CBN interview on Wednesday night.

“There are other measures that are pending. For instance, the sin tax measure is in mature form already. The other is the third [amendment] to the Anti-Money Laundering Law, which is also a priority. In effect, there are so many priorities,” he said.

Environment Secretary Ramon Paje earlier said EO 79 would extend the moratorium on the grant of new mining agreements until Congress has finalized a new revenue-sharing scheme between the government and mining firms.

The government is eyeing a five-percent royalty share from the mining companies, against the the two-percent it exacts in the form of excise taxes from mining operations.

One other highlight of EO 79 was the increase in the number of so-called “no-go” mining zones that now include 78 tourism sites, and farms, marine sanctuaries and island ecosystems, an obvious concession to environment advocacy groups.

The Malacañang’s News and Information Bureau also quoted the President as expressing optimism that the sin tax reform bill would be passed within the current 15th Congress.

The sin tax reform bill, a priority administration measure, seeks to restructure the excise taxes on alcohol and tobacco products, the revenues from which are expected to boost the funds earmarked for health care.