LGUs to receive P12.8b in national wealth share

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A lawmaker said local government units hosting mineral mining and energy development activities stand to receive P12.8 billion as their combined share of the national treasury’s income from the use of natural resources.

Under the Local Government Code of 1991, local governments are entitled to 40% of the national treasury’s gross earnings from mining taxes, royalties from mineral reservations, forestry charges, and fees and revenues from energy resources generated from their areas. Under the law, local government must appropriate the funds to bankroll local development and livelihood projects.

The MGB attributed the huge increase in production value to the strong prices of nickel, gold and copper.

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MlaStandard /  🏆 20. in PH

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