OceanaGold (Philippines) Inc. (OGPI), operator of the Didipio Mine, said over the weekend it paid P421 million in local business tax (LBT) to three municipalities in the provinces of Nueva Vizcaya and Quirino last year.
The taxes remitted reflects a nearly P100-million increase from 2022 on stronger production and rising gold prices.
“The LBT we paid this year is higher compared to last year’s because of the higher 2023 revenue of our mine, brought about by our good production and higher prices of gold,” said Didipio Mine president and general manager for external affairs and social performance Joan Adaci-Cattiling.
OGPI said it paid local taxes of P210 million to Kasibu, Nueva Vizcaya; P84 million to Cabarroguis, Quirino; and P126 million to Nagtipunan, Quirino.
The mining company also signed a memorandum of agreement (MOA) with the three municipalities, ensuring that at least P5 million of the local business tax would be allocated to environmental management and protection initiatives within their respective jurisdictions.
Mayor Romeo Tayaban of Kasibu said the taxes are “a blessing,” to communities, while Mines and Geosciences Bureau (MGB) Region 2 director Mario Ancheta highlighted the benefits to the host communities.
“We continue to work with our stakeholders and forging meaningful partnerships to bring a lasting beneficial legacy to our communities,” Adaci-Cattiling said.
OGPI’s Didipio Mine, an underground gold-copper mine that straddles the provinces of Nueva Vizcaya and Quirino, entered into an financial or technical assistance agreement with the government in June 1994.
The FTAA’s initial term expired in June 2019, and its renewal was confirmed in July 2021 effective June 2019 by the Philippine government upon compliance with all requirements.
OGPI is a subsidiary of OceanaGold Corp. (OGC), which also operates the Waihi and Macraes mines in New Zealand and Haile mine in the United States.