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MANILA, Philippines - After several months of delay, President Benigno Aquino III will finally sign within the week an executive order that will spell out the country's mining policy.
Aquino said the EO will be signed before Friday at the latest, and that a provision of the draft order imposes more stringent regulations on small-scale mining.
He said it seeks to implement more strictly the Minahan ng Bayan or small-scale mine sites where extraction of gold, silver and chromite will be allowed.
Aquino said one outstanding issue that he hopes would be resolved before Friday is whether the EO would suffice in determining the acceptable revenue-sharing formula between the government and mining firms.
"Do we need legislation to do this? Right now total taxes will not reach 10 percent of the total revenues of mining firms. The basis to impose higher fees and royalties is still being fleshed out," the President said.
He said he is also inclined to keep a provision banning mining operations in 78 ecotourism areas.
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