27.3 C

Rio Tuba Mining among Palawan’s highest taxpayers

Must read

- Advertisement -

Rio Tuba Nickel Mining Corp., (RTNMC), a subsidiary of Nickel Asia Corp. (NAC), is hailed as one of the largest corporate taxpayers in Palawan.

The mining company’s real property taxes alone, not counting income and excise taxes and other local taxes paid to the local and national government, is instrumental in realizing high-impact development programs that boost the economic health of the province.

Hon. Mayor Abraham M. Ibba of the Municipality of Bataraza, RTNMC’s host community, says these taxes greatly help improve the living conditions of the residents of Bataraza.

RTNMC has paid the provincial coffers P340 Million in real property tax from 2016 until 2020.  

“RTNMC’s taxes is a big boost to our economic health.  About 85 percent of our gross income is from the contribution of the two mining companies, RTNMC and Coral Bay Nickel Corp. (CBNC), that we host,” says Ibba.

In 2017, the real property tax paid to the Bataraza LGU amounted to P13,936,017.00, an increase of more than 35 percent from the previous year.

In 2018, RTNMC was again lauded as the number one taxpayer in Palawan with a total real property tax payment of P10. 3 Million.

Additionally, RTNMC’s payments of mayor’s permits and licenses have reached around P34 Million as of 2019.

Romana Bermudez, acting Bataraza Municipal Treasurer, says the company’s taxes significantly impact the town’s economy.

“Since RTNMC is a mining company inside the Philippine Economic Zone Authority (PEZA), it currently pays five percent gross income tax,” explains Bermudez.

RTNMC is instrumental in creating the Rio Tuba Export Processing Zone through Presidential Proclamation No. 304 in 2002 that facilitate the establishment and hosting of other businesses which bring jobs to the communities.

The contribution of RTNMC has been consistently recognized every year by the Provincial Government of Palawan as municipal treasurers are also honored for diligently performing tax collection in their respective locality.

The mining company plays a significant role in providing jobs and basic services to its surrounding communities and creating a venue for an active economic hub with good support infrastructure.

As among the largest corporate taxpayers in Palawan since 2014, RTNMC was acknowledged as the 28th Largest Corporate Taxpayer in the Philippines in 2015.  And in 2016, contributed nearly P800 Million in tax revenues and P41.3 Million in royalties, a feat achieved by very few other Palawan-based business operations.

Palawan’s mineralized lands, particularly in the southern part of the island province, has kept the economy afloat, especially during the pandemic.| – BNN

- Advertisement -
- Advertisement -

More articles

‘If necessary, the government should also subsidize rice traders, not just small retailers, in order to keep the price caps sustainable’ House minority leader warns of potential ‘foreign state actors’ exploiting global surge in rice prices to undermine PH, other...
The countdown to Christmas Day begins on September 16 as SM launches a host of fun activities, deals, and surprises for each member of the family.  It starts with surprises each day! From September 16 to December 25, someone lucky...
NINE cooperative beneficiaries for food processing enterprises of the Department of Agriculture - Philippine Rural Development Project (DA-PRDP) in CALABARZON were trained on Food Safety Hazards and current Good Manufacturing Practices (cGMP) facilitated by the Department of Science and...
- Advertisement -

Latest article

- Advertisement -