PHILIPPINES Law and Practice Contributed by: Patricia A O Bunye and Rafael Raymundo A Evangelista, Cruz Marcelo & Tenefrancia
• the Netherlands; • Pakistan (not in force);
• Qatar; • Romania; • Russia; • Singapore; • South Korea; • Spain; • Sri Lanka; • Sweden; • Switzerland; • Thailand; • Turkey; • the United Arab Emirates;
• 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. 5.4 Sources of Finance for Exploration, Development and Mining The principal sources of financing are debt and equity financing and foreign investments. 5.5 Role of Domestic and International Securities Markets in the Financing of Exploration, Development and Mining The international and domestic securities markets provide financing to the mining industry through bond issuances, initial public offerings and the sale of pre - ferred shares. Mining stocks are also actively traded on the Philippine Stock Exchange. 5.6 Security Over Mining Tenements and Related Assets 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. 6. Mining: Outlook and Trends 6.1 Two-Year Forecast for the Mining Sector 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
• 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;
295 CHAMBERS.COM
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