MANILA - Semirara Mining and Power Corp chairman Isidro Consunji said Tuesday said he was "okay" with a "reasonable" increase in mining taxes if it would come with stable regulation.

Senators on Monday doubled the excise tax rate on mining as part of a broader effort to reform the tax system. Mining shares were down 4.14 percent in early trading Tuesday compared to a 0.98-percent drop in the main index.

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"We are okay with higher taxes as long as it is reasonable and as long as it results in more predictable and stable regulation," Consunji said on the sidelines of a construction forum.

"Higher taxes however cannot be fixed. It must be pegged to something, maybe commodity prices. Otherwise it wont be sustainable," he said.

Global Ferronickel president Dante Bravo told ANC some players "might not survive" the proposed tax hike if commodity prices are down.

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