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Philippine Senate approves bill to tax mining profits more, but bans raw ore exports, splitting industry support.
The Philippine Senate has approved Bill No.
2826, which introduces a tiered royalty and windfall profit system for the mining industry, to increase government revenue from mining profits.
While the Chamber of Mines supports the fiscal measures, they oppose the bill's provision to ban raw ore exports, arguing it could lead to mine closures and job losses, due to insufficient infrastructure and regulatory instability.
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El Senado de Filipinas aprueba un proyecto de ley para gravar más las ganancias de la minería, pero prohíbe las exportaciones de mineral crudo, dividiendo el apoyo de la industria.