Wealth sharing signed: Bangsamoro gets 75% of taxes, resource

Under the wealth-sharing annex signed by the Moro Islamic Liberation Front (and the government Sunday, July 14, revenues will be divided between the Bangsamoro regional government and the national government using the following ratios: 75-25 in favor of the Bangsamoro for taxes and charges; 75-25 in favor of the Bangsamoro for profits from natural resources, such as metallic minerals; Equal share” for income from energy sources, such as petroleum, natural gas and uranium. For the “equal sharing” on energy sources, government peace panel chair Miriam Coronel Ferrer says “The principle there is for the Bangsamoro to benefit from these resources but at the same time, to be able to provide their contribution to the country.” The sharing allows the Bangsamoro government to achieve its goal toward fiscal autonomy. Both sides still need to finish two annexes – on power-sharing and normalization. The first annex – on transitional arrangements and modalities – was signed in February. The parties will meet again after Ramadhan.

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