Philex pays P10-B taxes

Pangilinan-led Philex Mining Corp. has emphasized its economic contributions following the P10-billion tax paid in the past five years amid the ongoing government crackdown on irresponsible mining firms.

The listed company said it contributed P10.12 billion in regular and mining- related taxes to the government funds between 2011 and 2015.

This is in relation to the ongoing mining audit of the Department of Environment and Natural Resources (DENR) on companies’ adherence to responsible mining.

The Padcal mine in Benguet, the company’s lone operating mine, paid 100 percent of the required regular taxes amounting to P6.6 billion and P3.5 billion in mining-related taxes since 2011.

Philex said P39 billion or 69 percent of the P56-billion gross revenue over the five-year period was shared to its stakeholders, 18 percent or P10.12 billion went to government and 13 percent or P7.3 billion was net income.

It said the towns of Tuba and Itogon, which host Padcal mine, have joined the list of first class municipalities in Benguet due to “economic impact of mining operations.”

Philex accounted for up to 85 percent or P132 million of Tuba’s total revenues and 57 percent or P131 million of Itogon’s.

Philex is among the 42 mining companies that are being audited by the government, 10 of which have been suspended already.

The DENR is set to release the audit results within the month.

Philex posted a 34 percent increase in its first semester net income from P565 million in 2015 to P757 million in 2016 on the back of improved production and market prices.

The company attributed the income hike to cost reduction efforts and higher gold prices.