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Listed mining firm OceanaGold (Philippines) Inc. (OGPI) said it paid ₱397.7 million in local business tax (LBT) to three municipalities in the provinces of Nueva Vizcaya and Quirino, as part of the company’s bid to share its success with local communities.
In a statement on Monday, March 3, OGPI said it paid ₱119.3 million and ₱79.6 million to the municipalities of Nagtipunan and Cabarroguis in Quirino, respectively. It also paid ₱198.9 million to Kasibu town in Nueva Vizcaya.
OGPI, a subsidiary of Australian-Canadian firm OceanaGold Corp., is the operator of the Didipio gold and copper mine located between Nueva Vizcaya and Quirino.
As part of the local community of the two provinces, the miner said it is only appropriate to provide a share of its growth to the aforementioned municipalities.
“This is a partnership, a relationship…this is an example where we are giving back as much as we can,” said OGPI Chairman of the Board Peter Sharpe.
In 2023, OGPI remitted an LBT of ₱326.2 million to the three municipalities. Driven by a boost in production and high prices of gold, it paid ₱421.9 million the following year.
This year, Kasibu and Cabarroguis officially joined Nagtipunan as first-class municipalities based on their respective average annual incomes for the last three years.
As indicated under Republic Act (RA) No. 11964, or the Automatic Income Classification of Local Government Units Act, first-class municipalities are those earning an average of ₱200 million or more annually.
Atty. Joan Adaci-Cattiling, OGP President and General Manager of External Affairs and Social Performance, expressed her gratitude to the towns’ local government units (LGUs) for their constant support of the Didipio mine.
“We are all working for the continuing operations of the mine so that we are able to continue giving benefits to our communities,” said Adaci-Cattiling.
For his part, Kasibu Mayor Romeo Tayaban recognized the impact of the tax contributions on local development, noting that this would significantly improve the lives of residents.
“Our local government is focused on enhancing infrastructure, particularly road networks, to facilitate economic activities in various barangays,” said Tayaban.
Last year, the municipalities inked a memorandum of agreement (MOA) with OGPI to pledge an allocation of ₱5 million from their LBT share to fund projects in support of environmental management, protection, and conservation in the respective jurisdictions.
In May of last year, OGPI became the first public listing of a mining firm in the Philippine Stock Exchange (PSE) in more than a decade.
It was the first miner with a financial or technical assistance agreement (FTAA) to be listed in the PSE.
OGPI entered an FTAA with the government in June 1994, becoming the first 100-percent foreign-owned company to operate large-scale mining explorations in the country. The FTAA’s initial term ended in June 2019 and was later renewed in July 2021.
