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The Philippines' government intends to impose far heavier taxes and tougher environmental restrictions on the mining industry, President Benigno Aquino says.

Aquino told AFP a review of the country's mining policies was close to being finished, and the government would probably require all mining companies to start paying the government a 'hefty' percentage of revenues.

Aquino said the government currently only received a two per cent excise tax.

'We are now reviewing what is fair ... we get two per cent of the profit and 100 per cent of the risks. That doesn't seem fair,' he said.

Henan Hongxing Mining Machinery Co., Ltd is a joint-stock mining machinery manufacturing enterprise integrated in scientific research, production and marketing. It is located at the High & New Technology Industries Development Zone of Zhengzhou,China with an area of 50 thousand m2 which includes 15,000 m2 of standard heavy duty industrial workshop. Equipments are more than 160 pieces, including large and medium sized metal processing, riveting and installing equipments. There are more than 660 workers including 80 administrators with secondary and senior occupational titles and engineering technicians. In order to promote the competitive strength, the advanced technologies have been introduced from America, Germany, Japan and Australia, which established the international advanced production line, first-class modern testing base as well as research centers of sand maker, mill and mine-selecting equipment. Scientific management, advanced processing technology and innovative manufacturing theory make the company become the mining machinery manufacturing and exporting base in China.

Hongxing Company lays much emphasis on the quality and clients. We serve clients with the quality guideline of being responsible for every working procedure, every product and every client. What we have done is for the clients and we believe that quality is the best way to develop market. All of the products have passed the authentication of ISO9001. Hongxing Brand is the Chinese Famous Brand. Reliable and stable quality is the key to success; our products are well known at home and abroad. Now we have tens of thousands of users throughout China and more than 30 world markets, such as: South Africa, Middle East, India, Philippine, Western Europe, Southeastern Asia.

The leading products of our company include: ball mill,raymond mill, sand-maker, jaw crusher, hammer crusher, vertical compound crusher, rotary kiln, drier, vibrating screen, sand washer, magnetic separator, SF flotation machine, roll crusher, belt conveyor, bucket elevator, spiral classifier, impact crusher, disk granulator, final screen, lift mixer, table Concentrator, centrifugal ore separator, high-efficiency Concentrator, disc feeder, pendulum type feeder and hydraulic cyclone. Moreover, we can provide program design, process flow design, standard and non-standard design for clients.

The persistent operating theory of Hongxing is: the development way depends on the concept and the good product comes out of the good faith. We have been awarded the “Civilized Enterprise” “Key Enterprise” “Enterprise with Standard Quality” and “Enterprise with Honesty and Credit Standing”. And Hongxing Brand is a "China Famous Brand" for reliable and stable quality. We firmly believe that we can get sincere repayment with our sincere dedication.

Aquino said the government was looking at efforts by the Australian government to generate more money from the mining sector, where a 30 per cent tax on extraordinary profits of coal and ore producers will start in July.

He said a 50-50 revenue sharing agreement was even being considered, although he emphasised the policy had not been finalised and refused to signal what percentage the government was hoping for other than a 'fair share'.

The Philippines is believed to have some of the biggest mineral reserves in the world - the government estimates the country has at least $US840 billion ($A794 billion) in gold, copper, nickel, chromite, manganese, silver and iron.

However the minerals have been largely untapped, partly because of a strong anti-mining movement led by the influential Catholic Church, while poor infrastructure and security concerns have also kept investors away.

Aquino said the new mining policy would aim to regulate the industry much more closely and give certainty to investors.

But he signalled the government was not desperate to cash in on the global commodities boom, pointing out the mining sector played only a small role in the nation's economy and created many environmental risks.

'They (miners) claim they contribute quite a big amount to the national economy but at the end of the day it's really just two per cent,' he said.

Aquino also indicated tourism was a much higher economic priority for the government than mining, which he said generally created only short-term economic benefits.

He said the government was aiming to attract 10 million tourists annually by 2016, up from four million currently, and that each visitor generated one job domestically.

'If we get 10 million tourists, we get 10 million new jobs... this is sustainable. We can count on that year in, year out,' he said.

'(But) once all of those minerals are extracted, that's it. So if we go into gaining these resources on a temporary basis, we might be sacrificing the long-term opportunities for our future.'

Aquino said, under the new policy, mining would be banned completely from 78 sites deemed important to tourism, while other environmental restrictions would be imposed.