gov.ph http://www.gov.

ph/2012/07/09/statement-secretary-purisima-on-the-issuance-of-eo-79-july-9-2012/

Statement: Secretary Purisima on the issuance of EO 79, July 9, 2012

Statement of Finance Secretary Cesar V. Purisima: On the issuance of Executive Order No. 79, s.2012 [Released on July 9, 2012] On the development of the countrys mineral resources The Philippines is indeed rich in mineral resources. The Executive Order that has been signed seeks to develop a responsible mining industry within the confines of our other development objectives agricultural productivity, eco-tourism promotion, and environmental protection. We are confident that by investing in a stronger regulatory framework and a more equitable revenue sharing mechanism, we are improving minings long-term growth potential. On existing contracts The government has committed to several obligations in various mining contracts. The government will meet these obligations. In the same manner, these contracts demand certain standards from whom they have been given. The President has instructed that all mining operations be reviewed to ensure they comply with the standards they have committed to in their contracts. Those who fail to comply with their contractual obligations will be penalized. On review of all mining operations A thorough review of all mining operationslarge scale and small scalewill strengthen and promote an efficient and effective regulation of the industry, as well as gain popular support for the development of our mineral resources. We urge the various private sector alliances, especially the Chamber of Mines, to join us in this review and police their own ranks. On government share in mining revenues We look forward to working with Congress and all the various stakeholders in amending pertinent laws to develop a fiscal regime on the mining industry that is easy to administer, provides greater share to the government, streamlines the process of revenue sharing with local communities, and maintains the competitiveness of our country as an investment destination. dof.gov.ph