The Philippines is the fifth most mineralised country in the world, with an estimated USD1 trillion in untapped reserves of copper, gold, nickel, zinc and silver. Recent statistics from the Philippine Mines and Geosciences Bureau (MGB) indicate that there are 60 operating metallic mines and 61 operating non-metallic mines in the country, employing around 291,672 workers. In 2024, total exports of minerals amounted to almost USD7.38 billion, and the MGB placed the gross production value for mining at PHP316.29 billion. Gold is the largest contributor, replacing nickel and its related products, with an estimated production value of PHP126.36 billion for the 28,870 kilograms of gold produced in 2024.

For the first semester of 2025, gross metallic production was at PHP140 billion. This is a 21.98% increase from the same period a year ago, primarily driven by higher global gold prices, increased output from operating mines, and favourable market and regulatory conditions.

The Philippine legal system is a hybrid of both civil and common law. The civil law elements are primarily derived from the Spanish civil law system, while the common law elements are primarily derived from the Anglo-American system of the United States. Examples of Philippine legal concepts derived from common law include the doctrines of equity, estoppel, laches and stare decisis. The authority of Philippine courts is limited to the interpretation of law. Nevertheless, the Philippine Supreme Court may reverse rulings of lower courts, and even abandon principles laid down in previous rulings.

The mining industry in the Philippines is governed primarily by the Philippine Constitution and the Philippine Mining Act (the “Mining Act”) or Republic Act No 7942, including its Implementing Rules and Regulations (IRR).

The executive branch, through agencies such as the Department of Environment and Natural Resources (DENR) and the MGB, also issues administrative orders, memoranda and circulars, which, although they are not laws, form part of the regulatory framework of the mining industry.

Under the Philippine Constitution, the state owns all natural resources, including minerals. The Philippine Constitution also provides that the state has full control and supervision over the exploration, development and utilisation of mineral resources. The state may undertake these activities directly or enter into co-production, joint venture or production-sharing agreements with Filipino citizens, or corporations or associations at least 60% of whose capital is owned by those citizens. The President of the Philippines may also enter into agreements with foreign-owned corporations, involving either technical or financial assistance for large-scale exploration, development and utilisation of minerals, petroleum and other mineral oils.

As stated in 1.3 Ownership of Mineral Resources, the state has full control and supervision over the exploration, development and utilisation of mineral resources. Furthermore, the state may undertake these activities directly or may enter into co-production, joint venture or production-sharing agreements with Filipino citizens, or corporations or associations at least 60% of whose capital is owned by those citizens. The President of the Philippines may also enter into agreements with foreign-owned corporations, involving either technical or financial assistance for large-scale exploration, development and utilisation of minerals, petroleum and other mineral oils.

As discussed in 1.5 Nature of Mineral Rights, mineral rights are granted under law through exploration permits (EPs), mineral agreements (MAs) and financial and technical assistance agreements (FTAAs), as well as quarry, sand and gravel, guano, gemstone-gathering permits and small-scale mining permits.

As discussed in 1.3 Ownership of Mineral Resources and 1.4 Role of the State in Mining Law and Regulations, mineral rights have a constitutional basis and are derived under law.

These mineral rights are granted under the Mining Act through EPs, MAs, FTAAs, quarry, sand and gravel, guano, gemstone-gathering permits and small-scale mining permits.

These mineral rights are treated similarly to property, as they may be transferred or assigned, but are subject to the approval of the government, specifically through the DENR Secretary and the MGB Director.

The DENR is the primary granting authority of mineral rights and is the government agency responsible for the conservation, management, development and proper use of the country’s environment and natural resources, including minerals and mines. Meanwhile, the MGB (a line bureau under the DENR) is responsible for the proper management and disposition of mineral lands and mineral resources, and the promotion of sustainable mineral resources development.

Mineral rights are granted under the law through EPs, MAs, FTAAs, quarry, sand and gravel, guano, gemstone-gathering permits and small-scale mining permits.

The MGB has the authority to grant EPs through its Director. The DENR Secretary has the authority to enter into MAs upon the recommendation of the MGB Director. FTAAs are entered into by the President through the DENR Secretary. However, as further discussed in 2.4 Prior and Informed Consultation on Mining Projects and 2.5 Impact of Specially Protected Communities on Mining Projects, mining projects also require:

• approval from the relevant Sanggunian, which refers to the local legislative bodies; and
• if applicable, free and prior informed consent (FPIC) from the affected indigenous cultural communities (ICCs) and indigenous peoples (IPs).

Together with the MGB Director, local government units are represented in the Provincial or City Mining Regulatory Board, which awards small-scale mining contracts.

Exploration Permits (EPs)

EPs have a term of two years from the date of issuance, which is renewable for another two years but cannot exceed six years for both metallic and non-metallic exploration. EP holders must annually relinquish at least 20% of the permit area during the first two years of exploration and at least 10% of the remaining permit area annually during the extended exploration period. However, if the permit area is less than 5,000 hectares, the EP holder need not relinquish any part thereof.

EPs may be transferred, subject to the approval of the DENR Secretary upon recommendation of the MGB Director.

Mineral Agreements (MAs)

MAs have a term of not more than 25 years from the date of their execution and are renewable for another term not exceeding 25 years. After the exploration period and prior to or upon approval of a declaration of mining project feasibility, the contractor must relinquish any portion of the contract area that will not be necessary for mining operations and that will not be covered by any declaration of mining feasibility. Each mining area after final relinquishment cannot be more than 5,000 hectares for metallic minerals.

MAs may be transferred, subject to the prior approval of the DENR Secretary.

Financial and Technical Assistant Agreements (FTAAs)

FTAAs have a term of not more than 25 years from the date of their execution and are renewable for another term not exceeding 25 years. FTAA contractors must relinquish at least 25% of the original contract area during the first two years of the exploration period and at least 10% of the remaining contract area annually during the extended exploration period and pre-feasibility period. During the exploration or pre-feasibility study period, FTAA contractors must finally relinquish any portion of the contract area that will not be necessary for mining operations and that is not covered by any declaration of mining feasibility, provided that each mining area after final relinquishment shall not be more than 5,000 hectares.

FTAAs may be transferred to a qualified person, subject to prior approval of the President.

Grounds for Cancellation, Revocation and Termination

The grounds for the cancellation, revocation and termination of an EP, MA or FTAA are as follows:

• falsehood or omission of facts in the application that may substantially alter or affect the facts set forth in those statements;
• non-payment of taxes and fees for two consecutive years;
• failure to perform all other obligations, including abandonment, under the permits or agreements;
• violation of any of the terms and conditions of the permits or agreements; and
• violation of existing laws, policies, and rules and regulations.

The Mining Act and its IRR require contractors to institute an environmental protection and enhancement programme prior to the commencement of mining operations, and to submit a final mine rehabilitation or decommissioning plan to ensure environmental protection beyond the life of the mine.

Other pertinent environmental laws include:

• the Toxic Substance and Hazardous and Nuclear Wastes Control Act (Republic Act No 6969);
• the Clean Air Act (Republic Act No 8749);
• the Clean Water Act (Republic Act No 9275); and
• the Act Establishing an Environmental Impact System, Including Other Environmental Management Related Measures and for Other Purposes (Presidential Decree No 1586).

These environmental laws are administered by the DENR and the agencies under it, including the MGB and the Environmental Management Bureau (EMB).

Environmental Compliance Certificates (ECCs) for Mining Projects

An ECC is required for mining projects. To secure an ECC, a proponent must submit an environmental impact statement and go through the environmental impact assessment (EIA) process, which includes baseline environmental conditions, impact assessments and proof of consultation with stakeholders, including communities in the project site and neighbouring areas.

The EIA process involves four steps:

• scoping;
• conduct of EIA study and report preparation;
• review and evaluation of the EIA report; and
• decision-making.

The EMB generally takes 20 working days to process an ECC application, but in practice, the evaluation period may be extended depending on the sufficiency of submitted requirements.

Environmentally protected areas are generally closed to mining. The IRR of the Mining Act specifically enumerate the following areas as being closed to mining applications:

• areas covered by valid and existing mining rights and mining applications subject to the third point below;
• old growth or virgin forests, proclaimed watershed forest reserves, wilderness areas, mangrove forests, mossy forests, national parks, provincial and municipal forests, tree parks, greenbelts, game refuges, bird sanctuaries and areas proclaimed as marine reserves, marine parks and tourist zones as defined by law and identified as initial components of the National Integrated Protected Areas System, pursuant to Republic Act No 7586 and any such areas expressly prohibited thereunder, as well as under Department Administrative Order No 25, Series of 1992, and other laws;
• areas that the DENR Secretary may exclude, based, among others, on proper assessment of their environmental impacts and implications on sustainable land uses, such as built-up areas and critical watersheds with appropriate barangay, municipal, city or provincial council ordinance specifying therein the location and specific boundary of the area concerned;
• offshore areas within 500 metres of the mean low tide level and onshore areas within 200 metres of the mean low tide level along the coast;
• in the case of seabed or marine aggregate quarrying, offshore areas of less than 1,500 metres from the mean low-tide level of land or island and where the sea-bed depth is less than 30 metres, measured at mean sea level; and
• areas expressly prohibited by law.       

Executive Order No 79, Series of 2012, expanded the list of protected areas to include:

• prime agricultural lands, lands covered by agrarian reform, and strategic agriculture and fisheries development zones and fish refuges and sanctuaries;
• tourism development areas; and
• other critical areas, island ecosystems and impact areas of mining.

Stakeholders must be consulted as part of the EIA process and prior to the issuance of an ECC, which is required for the grant of MAs and FTAAs.

Furthermore, the law requires that contractors assist in the development of the mining community, including the promotion of the general welfare of its inhabitants and the development of science and mining technology. Investors are also required to incorporate a Community Relations Office in the organisational structure. As further discussed in 2.6 Community Development Agreement for Mining Projects, contractors are also required to prepare a Social Development and Management Programme (SDMP) and a Community Development Programme (CDP).

Prior consultation with the local government units concerned is mandatory for mining applications intended for exploration through EPs, MAs and FTAAs.

Prior approval by a majority of the Sanggunian (local legislative body) concerned is required in support of mining applications for immediate development and/or utilisation activities.

Consultation and approval are carried out by the investor through the relevant Sanggunian.

For projects located within the ancestral domain of ICCs/IPs, the FPIC of the ICCs/IPs affected must be secured, as further discussed in 2.5 Impact of Specially Protected Communities on Mining Projects.

Rights of ICCs/IPs are recognised under the Constitution and under the law. Article II, Section 22 of the Constitution provides that “the State recognises and promotes the rights of indigenous cultural communities within the framework of national unity and development”. Section 16 of the Mining Act states that “no ancestral land shall be opened for mining operations without prior consent of the indigenous cultural community concerned”. This provision is complemented by the Indigenous Peoples’ Rights Act (IPRA), or Republic Act No 8371, which was enacted to recognise and promote the rights of ICCs/IPs by establishing mechanisms that will take into consideration their customs, traditions, values, beliefs and rights to their ancestral domains or ancestral lands. Therefore, ICCs/IPs are given priority rights in the harvesting, extraction, development or exploitation of natural resources within their ancestral domains.

An ancestral domain covers all areas owned, occupied or possessed by ICCs/IPs, including lands, inland waters, coastal areas and natural resources therein, specifically ancestral lands, forest, pasture, residential, agricultural and other lands individually owned (whether alienable and disposable or otherwise), hunting grounds, burial grounds, worship areas, bodies of water, mineral and other natural resources, and lands that may no longer be exclusively occupied by ICCs/IPs but to which they traditionally had access for their subsistence and traditional activities.

Therefore, before any issuance, renewal or grant of any concession, licence or lease, or before entering into any mineral agreement with the government, an applicant must obtain a Certificate of Non-Overlap (CNO) or a Certification Precondition (CP) from the National Commission on Indigenous Peoples (NCIP), which is the main agency tasked with enforcing the provisions of the IPRA. The CNO attests to the fact that the area affected does not overlap with any ancestral domain, while the CP attests to the grant of FPIC by the ICCs/IPs concerned.

FPIC means the consensus of all members of the ICCs/IPs to be determined in accordance with their respective customary laws and practices, free from any external manipulation, interference and coercion, and obtained after fully disclosing the intent and scope of the activity, in a language and process understandable to the community. It is manifested through a Memorandum of Agreement containing the relevant terms and conditions, including the benefits to be received by the ICCs/IPs. The amount of royalty payment of not less than 1% of the gross output is subject to the agreement of the contractor and the ICCs. The royalty shall be kept in trust for the socio-economic wellbeing of the ICCs.

If a project proceeds without complying with the requirements of the IPRA for CP and securing of their FPIC, the IPRA provides that the NCIP, motu proprio or upon the instance of the ICCs/IPs, shall have the right to stop and suspend the project.

Community development agreements are not mandatory. However, investors are required to prepare an SDMP and to implement a CDP in connection with the project for the benefit of the local communities. The CDP shall be developed in consultation and in partnership with the host communities.

The Philippine Securities and Exchange Commission (SEC) requires Publicly Listed Companies (PLCs) and Large Non-Listed Entities (LNLs) to submit sustainability reports (SRs) disclosing material information gathered after undergoing a materiality assessment process. The material information may constitute data relating to:

• economic impacts, such as employee wages and benefits, community investments and procurement practices;
• environmental impacts, such as energy and water consumption, materials used, operational sites near protected areas and areas of high biodiversity value outside protected areas, air emissions and solid and hazardous wastes; and
• social impacts, such as employee benefits, equal opportunities at the workplace, and customer privacy and data security.

The SEC plans to release revised SR Guidelines, where PLCs are mandated to submit a Sustainability Report Form (the “SuRe Form”). The form covers three major sections: first is the Sustainability and Climate-related Opportunities and Risks Exposures, where the PLC rates the impact of climate and sustainability-related risks to its business model; second is the Cross-Industry Standard Metrics, where the PLC discloses its metrics and targets for physical, transition and sustainability risks; and third is the Industry-Specific Metrics, guidelines for which the SEC has yet to release.

The SuRe Form must be submitted annually through the Electronic Filing and Submission Tool System of the SEC. Failure to submit will result in a reprimand for the first offence, followed by fines ranging from PHP50,000 to PHP1 million for subsequent offences.

The SuRe Form seeks to enhance the standard of sustainability reporting and uphold the uniformity of non-financial information submitted by PLCs.

On 24 October 2025, the SEC released a draft Memorandum Circular on the Adoption of Philippine Financial Reporting Standards on Sustainability Disclosures and Issuance of Reporting Guidelines for PLCs and LNLs, for further comments from stakeholders.

This follows earlier policy measures under the current Strategic Investment Priorities Plan (SIPP), which grant incentives such as income tax holidays to environment- or climate change-related projects, including manufacturing of electronic vehicles, energy efficient maritime vessels, and bioplastics.

Furthermore, the Mining Act allows exemption from real property tax and other taxes or assessments of pollution-control devices.

Businesses generating green jobs or jobs that contribute to preserving or restoring the quality of the environment may avail of an income tax deduction of 50% of the total expenses for skills training and research development expenses, which is above the allowable ordinary and necessary business deductions, under the Philippine Green Jobs Act.

Illegal mining is a significant issue in the Philippines, affecting both large-scale and small-scale operations. Companies engaged in illegal mining do not comply with government regulations and their negative consequences are observed in several areas. Economically, illegally mined areas are depleted of mineral resources, which could have been allocated to legitimate mining contractors from whom the government could have derived income in the form of taxes. Environmental, social and safety concerns also arise, as illegal mining operations are not subject to regulatory monitoring and do not comply with pertinent rules and regulations.

The DENR, in co-ordination with law enforcement agencies, consistently takes active measures to combat illegal mining. In recent years, the government has employed satellite imagery to monitor compliance with mining and forest protection laws and to identify potential illegal mining activities. The DENR has also partnered with the Philippine Space Agency to develop and generate maps, systems and tools that further monitor forest areas using satellite remote sensing, artificial intelligence and geographic information systems (GIS).

Good environmental and community relations around mining projects involve conducting stakeholder consultations in the form of meetings with the community, by co-ordinating with the local government units and local MGB offices, which results in the development of various projects in the community, such as providing vocational education and training programmes, contributing to the needs of local schools and developing local agricultural industries. These also include ensuring that the concerns of the affected communities are heard and promptly addressed.

Bad examples involve bypassing or mishandling stakeholder engagement, which results in the mismanagement of the project’s SDMP and CDP, leading to a failure to uplift the welfare of the host communities, focusing on programmes that are not needed by the community, or failing to implement programmes that would otherwise benefit the community.

The Climate Change Act requires the formulation of a Framework Strategy on Climate Change, which serves as the basis for a programme for climate change planning, research and development, and extension and monitoring of activities to protect vulnerable communities from the adverse effects of climate change. A National Climate Change Action Plan shall also be formulated in accordance with this Framework.

The government’s programme on climate change is spearheaded by the Climate Change Commission (CCC), the lead policymaking body tasked with co-ordinating, monitoring and evaluating programmes and ensuring mainstreaming of climate change development plans. Currently, the CCC is working on preparations for the Nationally Determined Contribution (NDC) 2025 submission, engaging key partners and stakeholders in updating the NDC based on evolving priorities and developments, and ensuring that the submission reflects a unified national effort to contribute to the global 1.5°C goal.

In November 2025, the CCC signed a Memorandum of Understanding to reaffirm and establish a shared climate agenda, with partners from various sectors, including the National Commission on Indigenous Peoples, the Philippine Information Agency, government-owned and controlled corporations, higher educational institutions and non-government organisations. The CCC observes a whole-of-nation and whole-of-society approach to advance its programmes for climate resilience.

No climate change legislation specifically related to mining has been enacted. However, the DENR called on the mining industry to innovate and align with the principles of sustainability, stewardship and resilience in their development of the country’s natural resources. Mining companies are being encouraged to further integrate social and ecological considerations into their operations, including promoting biodiversity, reducing carbon footprints and implementing effective waste management practices. The DENR emphasised that these efforts not only should be considered as regulatory requirements but must also become essential elements of a progressive and responsible mining sector.

In February 2025, the DENR issued an administrative order requiring mining companies to include biodiversity conservation and climate action in their social development and management programmes. This directive aims to integrate the United Nations Sustainable Development Goals into the community plans of mining companies.

The Chamber of Mines of the Philippines (see 3.1 Climate Change Effects) has adopted the Mining Association of Canada’s “Towards Sustainable Mining” (TSM) sustainability standards in response to the call for the mining industry to align with the responsible mining practices of Australia and Canada. TSM requires mining companies to annually assess their tailings management, community outreach, safety and health, biodiversity conservation, crisis management, energy use and greenhouse gas emissions management.

Based on the United States Geological Survey, the Philippines has the fourth-largest nickel reserves in the world, and according to S&P Global, the Philippines was the second-largest producer of mined nickel in 2024. Thus, even during the downturn of the mining industry in the Philippines, local mining companies continued to ship nickel to China, Japan and other markets.

The Philippine government recognises the following:

• the need to utilise this natural resource by restricting its export and developing the local processing industry; and
• that nickel is important to achieving a transition to a cleaner, greener and more sustainable future.

As an energy-transition mineral (ETM), nickel is a vital component for the lithium-ion batteries used in electric vehicles, the use of which is currently being endorsed and developed by the Philippine government, having passed Republic Act No 11697, An Act Providing for the Development of the Electric Vehicle Industry, in 2021.

In connection with the above, the President of the Philippines signed Executive Order No 12 on 13 January 2023, providing a temporary zero importation tariff on electric vehicles and their spare parts for a period of five years. It is hoped that this will encourage motorists to shift from traditional modes of transportation to electric vehicles. An influx of electric vehicles could lead to a demand for nickel which, in turn, may necessitate new government or legislative action. In this regard, it has been reported that the current Trade Secretary believes that the Philippines can be a supplier of electric vehicle components, specifically ETMs for batteries. In this connection, the Department of Energy has publicly announced that it aims to roll out approximately 2.5 million electric vehicles by 2028.

Taxes

After the lapse of the income tax holiday granted to the contractor by the Omnibus Investments Code (OIC) and the Corporate Recovery and Tax Incentives for Enterprises Act of 2022 (CREATE Act), the contractor pays income tax, which is set at a preferred rate for up to ten years. The contractor is also liable for excise tax on mineral products, value-added tax under the National Internal Revenue Code, customs duties under the Tariff and Customs Code, and local business taxes and real property tax under the Local Government Code.

The contractor must likewise pay an annual occupation fee, based on the area occupied, and mine waste and tailings fees.

On 5 September 2025, Republic Act No 12253, otherwise known as the “Enhanced Fiscal Regime for Large-Scale Metallic Mining Act” (the “Enhanced Mining Fiscal Regime Law”), was signed into law, simplifying and rationalising revenue collection from large-scale mining operations. The new fiscal regime is designed to increase state revenues and promote private sector participation through transparency and accountability.

Royalties

Contractors shall pay royalties to the ICCs concerned, based on the agreed payment, which may not be less than 1% of the gross output.

For MAs and FTAAs over areas covered by small-scale miners, the contractor shall pay royalties to the small-scale miners concerned upon utilisation of the minerals, depending upon their agreement.

Additionally, under the Enhanced Mining Fiscal Regime Law, the royalty rate for large-scale metallic mining operations is differentiated based on location with respect to mineral reservations. Large-scale metallic mining operations within mineral reservations shall be subject to a royalty rate of 5% of the gross output of the minerals or mineral products extracted or produced.

On the other hand, large-scale metallic mining operations outside mineral reservations shall be subject to a margin-based royalty on income based on the following rates: (i) a minimum of 0.1% for margin less than or equal to 0%; (ii) 1.0% for a margin over 0% but not over 15%; (iii) 2.0% for a margin over 15% but not over 30%; (iv) 3.0% for a margin over 30% but not over 45%; (v) 4.0% for a margin over 45% but not over 60%; and (vi) 5.0% for a margin over 60%.

Government Share

The total government share in Mineral Production Sharing Agreements is the excise tax on the mineral product or 4%, based on the actual market value of the gross output thereof at the time of removal.

The government’s share in co-production and joint venture agreements shall be negotiated with the contractor, considering the capital investment, the risks involved, the contribution to the economy, and other factors for fair and equitable sharing. The government is also entitled to compensation for its other contributions, as agreed upon by the parties, consisting of the contractor’s income tax, excise tax and other taxes, duties and fees provided in existing laws.

The government share in an FTAA is negotiated by the government and the contractor and consists, among other things, of the contractor’s income tax, customs duties and fees on imported capital equipment, excise tax on minerals, royalties for mineral reservations and IPs, local business tax, and other national and local government unit taxes, royalties and fees.

In addition, the Enhanced Mining Fiscal Regime Law created a windfall profits tax designed to maximise the government’s collection when mining companies earn exceptionally high profits due to favourable market conditions. Large-scale metallic mining operations shall pay an additional windfall profits tax on net income based on the following rates: (i) 1.0% for a margin equal to 30% but not over 40%; (ii) 3.0% for a margin over 40% but not over 55%; (iii) 5.0% for a margin over 55% but not over 65%; (iv) 7.0% for a margin over 65% but not over 75%; and (v) 10.0% for a margin over 75%.

Contractors are entitled to fiscal and non-fiscal incentives under the OIC. The Mining Act provides that mining activities should always be included in the Investment Priorities Plan (now the SIPP). The relevant guidelines state that the exploration of mineral resources or the processing of minerals to produce semi-processed mineral products may qualify for registration with incentives limited to capital equipment.

Under the CREATE Act, income-tax incentives are now categorised according to tiers depending on the location and industry of the registered project or activity. Under the 2022 SIPP, mining activities are classified under Tier I, in which case registered projects or activities may enjoy an income tax holiday for up to six years, and a further ten years to avail of either the special corporate income tax or certain enhanced deductions.

There are currently no tax stabilisation agreements on mining in force in the Philippines.

Gains realised on a transfer of licence are generally subject to income tax. Transfers through corporate structuring outside the Philippines are not subject to tax levies.

Aside from untapped mineral reserves, investors are provided with fiscal and non-fiscal incentives, such as income tax holidays, special corporate income tax and certain enhanced deductions. Furthermore, mining activities are included in the SIPP.

Generally, foreign investments are not required to be registered with the Bangko Sentral ng Pilipinas (BSP, the Philippine Central Bank). However, a foreign investment classified as a direct investment or an inward foreign portfolio investment in a peso-denominated debt instrument issued onshore by private resident firms must be registered with the BSP.

There are no restrictions on the disposition of proceeds from exporting minerals and mineral products. Under BSP regulations, foreign exchange receipts or earnings of residents from exports may be used for any purpose. Such proceeds may be sold for pesos or retained or deposited in foreign currency accounts, whether in the Philippines or abroad, at the exporter’s option.

Although they are not specific to exploration and mining, the Philippines has so far entered into bilateral investment agreements with:

• Argentina;
• Australia;
• Austria;
• Bangladesh;
• the Belgium–Luxembourg Economic Union;
• Cambodia (not in force);
• Canada;
• Chile;
• China;
• the Czech Republic;
• Denmark;
• Finland;
• France;
• Germany;
• India;
• Indonesia (not in force);
• Iran (not in force);
• Italy;
• Kuwait;
• Laos;
• Mongolia;
• Myanmar;
• the Netherlands;
• Pakistan (not in force);
• Portugal;
• Romania;
• Russia;
• Saudi Arabia;
• South Korea;
• Spain;
• Sweden (not in force);
• Switzerland;
• Syria;
• Taiwan;
• Thailand;
• Turkey;
• the United Kingdom;
• the United States; and
• Vietnam.

The Philippines has also entered into tax treaties with:

• Australia;
• Austria;
• Bahrain;
• Bangladesh;
• Belgium;
• Brazil;
• Canada;
• China;
• the Czech Republic;
• Denmark;
• Finland;
• France;
• Germany;
• Hungary;
• India;
• Indonesia;
• Israel;
• Italy;
• Japan;
• Kuwait;
• Malaysia;
• Mexico;
• the Netherlands;
• New Zealand;
• Nigeria;
• Norway;
• Pakistan;
• Poland;
• Qatar;
• Romania;
• Russia;
• Singapore;
• South Korea;
• Spain;
• Sri Lanka;
• Sweden;
• Switzerland;
• Thailand;
• Turkey;
• the United Arab Emirates;
• the United Kingdom;
• the United States; and
• Vietnam.

The principal sources of financing are debt and equity financing and foreign investments.

The international and domestic securities markets provide financing to the mining industry through bond issuances, initial public offerings and the sale of preferred shares. Mining stocks are also actively traded on the Philippine Stock Exchange.

There is currently no Philippine legal framework for taking security over mining interests. However, the IRR of the Mining Act requires MAs and FTAAs to include a stipulation that the financial institutions that have granted loans to contractors are given the authority to designate their assignees, in case of default by the contractors.

The Philippine mining sector is expected to show modest expansion supported by stable global demand for key metals, fuelled by the surging demand for critical minerals like nickel and copper, which are essential for the global energy transition to electric vehicles and renewable energy sources and storage. The global trend towards a low-carbon economy has made minerals like copper, nickel and gold essential, and the Philippines is strategically positioned, with its abundant resources, to benefit from this. However, the positive outlook may be tempered by domestic challenges, such as regulatory inconsistencies between the national agencies and local government units and lengthy and fragmented permitting processes. Further, stricter attention to compliance with sustainability requirements may also put additional pressure to mining firms.

The current administration has also reinforced its pro-mining position, viewing responsible mining as pivotal to the nation’s continued economic development. This stance was further reinforced by the enactment of the Enhanced Mining Fiscal Regime Law, the economic contribution of which is expected to become more evident in the succeeding years.

Earlier expectations of an increase in metallic production will take a step back, as the Tampakan Mine operated by Sagittarius Mines now targets commercial operations around 2028, two years later than the initial 2026 target. The Tampakan Mine is a major copper-gold project and is considered to be the largest undeveloped deposit in South-East Asia.

On the other hand, Philex Mining infused additional capital to develop its Silangan copper and gold project. According to recent updates, the Silangan Mine is on track to start commercial operations by the first quarter of 2026.

Overall, the Philippine mining sector is expected to experience steady yet constrained growth over the next two years, with the industry’s trajectory remaining heavily dependent on global commodity markets, domestic regulatory conditions and local government involvement. Continued progress in community engagement and transparency compliance remains a work in progress, although significant improvements have already been observed.