Didipio Mine operator OceanaGold (Philippines), Inc. (OGPI) recently paid a total of ₱421 million (US$7.58 million) as local business tax (LBT) to three municipalities in the provinces of Nueva Vizcaya and Quirino.
Of the total ₱421,862,289.95 LBT, OGPI paid ₱210,931,144.98 (US$3.80 million) to the municipality of Kasibu, Nueva Vizcaya; while ₱84,372,457.99 (US$1.52 million) was paid to the town of Cabarroguis in Quirino. Another Php126,558,686.99 (US$2.28 million) went to the municipal coffers of Nagtipunan, also in Quirino.
The LBT payment this year is higher by almost PHP100 million compared to last year’s payment of ₱326,153,544.78.
“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,” Atty. Joan Adaci-Cattiling, Didipio Mine President and General Manager for External Affairs and Social Performance, said.
OGPI also entered into a memorandum of agreement (MOA) with the three municipalities covering the scope of and the undertakings of the local government units regarding the LBT payment, especially the allocation of not less than Php5 million to fund environmental management, protection, and conservation in their respective LGUs.
Mayor Romeo Tayaban of Kasibu thanked the Didipio Mine, saying that its LBT payment is a blessing and that everyone agrees with the sharing.
Mines and Geosciences Bureau (MGB) Region 2 director Engr. Mario Ancheta, meanwhile, said that the constituents of the three municipalities would greatly benefit from the LBT.
Adaci-Cattiling added that the Didipio Mine remains committed to working with its stakeholders to create meaningful partnerships.
“Through the taxes we pay, we are happy that we are able to contribute to the further socio-economic development of our host municipalities. I am hopeful that with the increased tax payments, it will strengthen and diversify the delivery of positive social and economic outcomes across our host communities,” Adaci-Cattiling said.
“We continue to work with our stakeholders and forging meaningful partnerships to bring a lasting beneficial legacy to our communities,” she added.
OGPI’s Didipio Mine, an underground gold-copper mine that straddles the provinces of Nueva Vizcaya and Quirino, entered into an FTAA with the Republic of the Philippines 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 Corporation (OGC), which also operates the Waihi and Macraes mines in New Zealand and Haile mine in the United States.