WATCH: Secretary Dominguez defends 'need for some mining'


Posted at Mar 14 2017 10:02 PM | Updated as of Sep 08 2017 10:07 AM

Watch also in iWantTFC

Finance Secretary Carlos "Sonny" Dominguez III on Tuesday justified the "need for some mining" as the executive branch continues to receive complaints about the mining audit that ordered for the closure or suspension of mining firms.

"We have to realize that in daily life we need mining products. If you want a cell phone, you need a mine. You want a car, you need a mine. You want gasoline, you need a mining activity. You want cement, you need a mining activity," Dominguez said.

"So it's not a question of one or the other. You need some of mining or else we might as well go back to the stone age." 

The finance chief said it will also be "very difficult" for the government to find other sources of revenue to replace the tax contributions from the mining industry.

Data from the finance department showed that the closure or suspension of 28 mines would result in P821 million in revenue losses. Should 75 other contracts be cancelled, the ministry expects another P78 million in losses.

"This could be covered by revenues from tourism, agriculture but it will take more than 5 years to cover that," Dominguez said.