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Monday, 25th June 2007 (1843 views)

The Philippine government is to launch a revenue-sharing system within the mining sector, it has emerged.

All new mining contracts under Financial or Technical Assistance Agreements will share revenues with the government under a 50-50 split.

"The new regime will result in a more equitable sharing of benefits where the contractor gets a reasonable return on its investments while the government gets a reasonable share from the utilisation of the country's mineral resources," environment and natural resources secretary Angelo Reyes told AFP.

Meanwhile, press secretary and presidential spokesperson for the Philippines Ignacio Bunye recently highlighted the benefits the country received from the mining sector, pointing out that many modern-day conveniences would not be possible without the industry.

As well as gold, the country's mining exports include nickel, copper, cobalt, silver and salt, while the primary market for mineral deposits from the Philippines is Japan.

 

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