MANILA, Philippines – Businessman Manuel V Pangilinan said he “sympathizes” with the local governments that host mining and oil/gas extraction activities and want a bigger share of the taxes paid by firms.
Pangilinan heads Philex Mining Corp and Forum Energy, which is exploring possible oil and gas deposits in the West Philippine Sea via Service Contract 72 from the Philippine government.
Mining firms are constantly faced with opposition from environmental and religious groups. Recently, a draft of a presidential executive order that limits tax incentives and increases fees paid to local hosts was leaked. The final draft of the controversial EO is expected to be released soon. – Rappler.com
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