The early revival of the Padcal operations of Philex Mining Corp. is expected to benefit the National Treasury as well as the state-run Social Security System (SSS), which has some P18.7 billion invested in the 58-year-old mining giant, a congressional leader said.
"Philex deserves ample support, so it may complete the rehabilitation and cleanup of areas affected by a tailings pond spill, and hopefully resume operations as soon as possible," said House Deputy Majority Leader Roman Romulo.
"Philex is the mining industry's biggest taxpayer. The eventual restart of its Padcal operations will give more meaning to President Aquino's desire to increase government's tax income from mining," said Romulo.
Malacanang previously issued Executive Order 79, series of 2012, which seeks "to improve environmental standards and increase (government) revenues to promote sustainable economic development and social growth, both at the national and local levels."
Based on Philippine Stock Exchange filings, Philex shelled out some P5.64 billion in taxes over the last three years, of which P2.38 billion was paid in 2011 alone, when the firm posted record-high production and sales of copper and gold. …