The order of the Department of Environment and Natural Resources (DENR) to either shut down or suspend the operations of 28 mine sites across the country will cost 17 affected cities and municipalities in 10 provinces over P821 million annually in foregone revenues, according to updated estimates submitted to the Department of Finance (DOF).
Read MoreThe directive of the Department of Environment and Natural Resources (DENR) to either shut down or suspend the operations of 28 mine sites across the country will cost the affected local government units (LGUs) in 10 provinces over P650 million yearly in foregone revenues, according to initial assessments made by the Department of Finance (DOF) based on 2015 data.
Read MoreFinance Secretary Carlos Dominguez III has directed local treasurers in areas hosting mining projects to assess the impact on the would-be affected local government units (LGUs) of the closure or suspension of 28 mine sites across the country.
Read MoreThe Department of Finance (DOF) has required treasurers of local government units to include in their quarterly and annual financial reports to the DOF all environment and natural resources revenues and expenditures, particularly the payments made by the mining and other extractive industries to their respective LGUs.
Read MoreNew improved guidelines for submission and P60 million project development support facility launched
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