Oceana Gold Philippines Inc. has remitted P397.7 million as local business tax (LBT) this year to three municipalities in Nueva Vizcaya and Quirino province. Kasibu town in Nueva Vizcaya received P198.9 million, while Nagtipunan and Cabarroguis in Quirino were paid P119.3 million and P79.6 million, respectively.
The contributions present significant local impact as the municipalities of Kasibu and Cabarroguis have joined Nagtipunan as first-class municipalities, based on their three-year average annual income of over P200 million. As part of their agreement, the municipalities will set aside at least P5 million from their LBT share for environmental management and conservation programs.
Chairman Peter Sharpe emphasized the company’s commitment to the community, saying the tax payments reflect their strong partnership with local stakeholders and their effort to give back to the community.
Despite a decline in production, Oceana Gold Philippines reported a 13.1 percent increase in net income for 2024, driven by higher gold and copper prices. The company plans to produce 85,000 to 105,000 ounces of gold and 13,000 to 15,000 tons of copper in 2025 from its Didipio mine, which straddles the province of Nueva Vizcaya and Quirino.
