The country is projected to lose over ₱821 million in revenue due to the forced closure or suspension of 28 mining firms. That translate to more than $16 million U.S. dollars. On Feb. 20, the Department of Finance(DOF) said 17 cities and municipalities in 10 provinces across the country could be affected.
Forecasts show three municipalities would lose revenues representing more than half of their operating income. The finance department estimates Carrascal in Surigao del Sur would lose 62% of its total operating income, 54% for Tagana-an in Surigao del Norte and 55% for Tubajon in Dinagat Islands.
The Department Of Environment and Natural Resources (DENR) ordered the closure of 23 mining firms and the suspension of five others due to alleged environment damage. It also endorsed the cancellation of mineral production sharing contract for potentially affecting nearby watersheds. A multi-stakeholder council has been formed to review existing mine operation.