The Mining Industry Coordinating Council (MICC) is expected to submit to President Benigno S. Aquino III the proposed implementing rules and regulations (IRR) for the new mining policy by the end of September, a Palace official said on Wednesday.
The MICC is the newly-created body tasked to formulate the implementing rules and regulations for Executive Order 79, also known as the new mining policy.
"Let me cite the legislation that the industry is waiting for, the EO calls for a review of the current legislation on royalties for mining. The MICC which has been meeting consistently is hoping to have a draft of the legislation by the end of September to show to the Palace," Presidential communications Development and Strategic Planning Office Secretary Ramon Carandang said during the regular press briefing in Malacanang on Thursday.
"So I can assure the industry that things are moving along at a good pace. I think, once those issues have been clarified we will see an increase in activity from that sector," Carandang said.
Carandang said the executive order on mining aims to generate more revenues for the government and address mining industry and environmental concerns.
President Aquino signed on July 6, 2012 Executive Order No. 79 (Institutionalizing and Implementing Reforms in the Philippine Mining Sector by providing policies and guidelines to ensure Environmental
Protection and Responsible Mining in the utilization of Mineral Resources).
With the crafting of the new mining policy, the Aquino administration hopes that the new measure will generate more revenues for the government in the face of a high demand for metallic resources. The new Executive Order also aims to balance out concerns on environment protection and economic gains.