THE enhanced fiscal regime for large-scale metallic mining is expected to help generate long-term value for investors by keeping taxation stable and predictable, DMCI Mining Corp. said.

“We see the new fiscal framework as an opportunity to strengthen the mining sector’s role in generating long-term value for investors, communities, and the economy,” the company said via Viber on Tuesday.

“Furthermore, we welcome the fiscal stability it will bring to our operations,” it added.

The law, signed earlier this month, imposes royalties and profit-based levies on mining companies, boosting government revenue and sharing more of the gains with host communities.

It also introduces a windfall tax on companies whose profit margins exceed 30% and treats each mining contractor as a separate taxable entity.

Despite the increased taxes, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the law is a step in the “right direction.”

“It is more acceptable based on global standards or best practices. And it is more predictable for companies and more fair for the government,” he said via Viber.

Philippine metal production amounted to P135.62 billion in the first six months, up 15.1%, according to preliminary data issued by the Mines and Geosciences Bureau.

Meanwhile, DMCI Mining said it hopes to begin operations at the Long Point nickel mine in Palawan within the year, through Berong Nickel Corp., subject to the release of permits.

Once Long Point starts operations, DMCI Mining’s full annual operating capacity will increase to 3 million wet metric tons.

“Actual production in 2025 will depend on the timing of Long Point’s startup. With Long Point, DMCI Mining will eventually be operating three mines,” the company said.

“We are also evaluating other properties, such as the Dangla mine, for future development,” it added, referring to another nickel site in Palawan. — Justine Irish D. Tabile

THE Philippine Competition Commission (PCC) said it extended the review period of Grab’s driver incentive system by another year.

In a statement on Wednesday, the PCC said it signed an undertaking with Grab to reinforce its oversight of Grab’s incentive scheme for affiliated drivers.

“(This is to ensure) that such mechanisms safeguard commuter choice and promote fair competition in the ride-hailing market,” the PCC said.

In the undertaking, the ride-hailing company committed to submit quarterly compliance reports for review by a third-party monitor that the PCC will appoint.

Covering the period from May 1, 2023, to Oct. 31, 2023, the review seeks to assess whether Grab’s incentive schemes “violate its non-exclusivity commitments by discouraging drivers and operators from joining competing platforms.”

“The assessment will be guided by an incentives monitoring framework and several other factors, such as trip requirements, duration of incentive policies, coverage, and market behavior,” the PCC said.

“If the effects-based assessment determines that Grab’s incentives violate the Philippine Competition Act, the PCC shall have the authority to take enforcement action and impose penalties,” it added.

In a statement on Tuesday, Grab said that while it completed its voluntary commitments by Nov. 2023, the PCC has yet to complete its review of quarterly reports on driver incentives.

“Both parties therefore agreed to extend the review period for one year to allow the PCC to conclude its assessment,” Grab said.

The 2025 undertaking is the third agreement between Grab and the PCC after the ride-hailing company merged with Uber in 2018.

Through the merger, Grab acquired Uber’s ride-hailing and food delivery operations in Southeast Asia in exchange for Uber’s 27.5% stake in Grab. — Justine Irish D. Tabile

THE Department of Trade and Industry (DTI) said the World Trade Organization’s (WTO) Agreement on Fisheries Subsidies is expected to help fisherfolk by halting support for commercial fishing operations that deplete marine resources.

“For the Philippines… where fisheries are central to livelihood and food security, the entry into force of the agreement strengthens global efforts to protect marine resources and promote fair competition for small-scale and artisanal fishers,” the Bureau of International Trade Relations said in a social media post. 

“It also underscores the country’s strong commitment to promoting ocean sustainability and ensuring that fisheries subsidies support long-term economic growth and environmental resilience,” it added.

The agreement came into force on Monday after more than two-thirds of WTO members deposited their instruments of acceptance.

Adopted at the 12^th Ministerial Conference in June 2022, the agreement prohibits subsidies that contribute to illegal, unreported, and unregulated fishing; to overfishing; and to fishing on the unregulated high seas.

“These disciplines seek to reduce harmful practices that accelerate the depletion of global fish stocks, ensuring long-term viability of fisheries and food security for coastal nations,” according to a DTI briefing document.

An element of the agreement is a Fisheries Funding Mechanism, or the Fish Fund, which will provide technical assistance and capacity-building support to help developing and least-developed countries implement their obligations under the agreement.

Receiving $18 million in pledges so far, the Fish Fund allows members to apply for grants of up to $300,000 for “institutional reforms, data collection, stock assessments, training, and strengthened monitoring, control, and surveillance systems.

The fund will help the country address critical gaps in data collection, monitoring, and enforcement, it said.

“The agreement represents a critical step forward in ensuring sustainable fisheries, protecting biodiversity, and strengthening global trade governance,” the DTI said. 

“By aligning domestic reforms with global disciplines and actively shaping the deployment of Fish Fund resources, the Philippines is well-positioned to secure long-term benefits for its marine ecosystems, its coastal communities, and its national economy,” it added. — Justine Irish D. Tabile