In an effort to increase the government's share in the revenues derived from the use and development of the country's mineral resources, the President of the Republic of the Philippines issued Executive Order No 79 on July 6 2012. Section 4 of the Order imposes a moratorium on the execution of new mineral agreements (such as mineral production sharing agreements) 'until legislation rationalising existing revenue sharing schemes and mechanisms shall have taken effect.' The Department of Environment and Natural Resources will not accept nor approve applications for mineral agreements until the moratorium is lifted by the passage of a statute rationalising the current fiscal regime of mineral agreements. Section 4, however, excludes the issuance of exploration permits, financial or technical assistance agreements, mineral processing permits, and quarry permits from the coverage of the moratorium.
August 27 2013