Businessmirror may 20, 2017

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BusinessMirror Bicol ‘gold rush’

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Saturday, May 20, 2017 Vol. 12 No. 219

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Unregulated ‘kamote mining’ begs for Minahang Bayan

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By Jonathan L. Mayuga

mall-scale miners continue to literally reap gold from this highly lucrative trade, and there’s no stopping the so-called gold rush in known mineral-rich areas, like Aroroy and Paracale, in the Bicol region.

Miners have barely scratched the surface of the huge gold deposit in the Bicol region, an official of the Department of Environment and Natural Resources (DENR) said, underscoring the trade’s huge potential to boost the country’s economic growth and the region’s economic development. Bicol is endowed with rich mineral resources, which include gold, copper, guano, rock phos-

phate, marble, silver, lead and manganese. In 2016 the region contributed 6,414.26 kilograms of gold, with an estimated production value P13.57 billion. The figure represents outputs of large-scale mines. Small-scale miners’ gold production remains unaccounted for, as these types of gold miners sell them to the black market to avoid government taxes.

Small-scale mines in Bicol are concentrated in the towns of Aroroy, Mobo, Milagros and Baleno. In Camarines Norte there are smallscale mining in the towns of Labo, Paracale and Panganiban, and a small area in Capalonga. While there is a huge economic potential in small-scale mining in the Bicol region, the environment official said there is currently no Continued on A2

₧13.57B

The total estimated value of gold mined in the Bicol region last year. Despite the staggering figure, however, a Bicol DENR official says miners have barely scratched the surface of local gold deposits.

House mulls over higher taxes on sodium, alcohol drinks for a ‘healthier’ population

Pricier ‘salty’ foods, booze he House of Representatives is now seriously considering the passage of proposals imposing “sin” taxes on salty products and adjusting the current excise taxes on alcoholic beverages. Nationalist People’s Coalition Rep. Scott Davies S. Lanete of Masbate and Deputy Speaker Sharon S. Garin of AAMBIS-OWA said their House Bills (HBs) 3719 and 4839, respectively, are both revenue and health measures. The two bills are both under deliberations before the House Committee on Ways and Means. In HB 3719, Lanete proposed the imposition of an excise of P1 on

every milligram of sodium in excess of one-third of the allowable daily intake of sodium chloride as prescribed by the Department of Health. These proposals are different from the Duterte administration’s tax-reform package, which seeks to lower personal income-tax rates; expand the value-added tax base; adjust excise taxes on petroleum and automobiles; imposing excise tax on sugar-sweetened beverages;

PESO exchange rates n US 49.8340

and ease the rates of estate and donor’s taxes. The leadership of the lower chamber has already expressed confidence that tax package will be passed before its sine die adjournment on May 31.

Silent killer

“During the ancient times, salt was heavily taxed due to its importance in various cuisines and rarity. However, as civilization improved, salt became more and more available. Its ready availability placed it outside of states’ interest as subject of sin taxes. Thus, at present, it is no longer subjected to heavy taxes,” Lanete said. “But nowadays, salt has acquired a new image. It is now treated as a silent killer as its consumption has a correlation with high blood pressure, which consequently leads to increased risks of having a heart attack and stroke,” he added. Continued on A2

HBs 3719 & 4839

The two measures filed by Nationalist People’s Coalition Rep. Scott Davies S. Lanete of Masbate and Deputy Speaker Sharon S. Garin of AAMBIS-OWA that are now undergoing deliberations, proposing the imposition of an excise tax on salty foods and an adjustment on the tax on alcohol beverages

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By Jovee Marie N. dela Cruz

Source: BSP (19 May 2017 )


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