The Chamber of Mines of the Philippines (COMP) on Tuesday said that the government was getting “more than its fair share” of mining profits after President Rodrigo Duterte said that the country could do without the industry’s contribution to the economy.
In a statement issued by COMP Communication Manager May Cacdac, the group said that “the prevailing assumption that government only gets 18 percent from mining operations is completely false and baseless.”
Under the Foreign Technical Assistance Agreement (FTAA), the government gets a 50-percent sharing formula.
“When there are windfall profits, the government gets an additional share of 60 percent when the windfall is over 50 percent,” the statement read.
The group also said that under the Mineral Production Sharing Agreement (MPSA), the government gets a 45-percent share depending on commodity prices. Even when prices are low, COMP said the government still receives more than the mining companies.
The group reiterated that they are “covered by a strict edict to safeguard our people, environment and country’s interests.”
COMP has promised continue to follow the law and said it would support the current administration’s steps to get rid of irresponsible miners in the industry.
