PHILIPPINES Law and Practice Contributed by: Patricia A O Bunye and Rafael Raymundo A Evangelista, Cruz Marcelo & Tenefrancia
tions. Furthermore, mining activities are included in the SIPP. 5.2 Foreign Investment Restrictions and Approvals in the Exploration and Mining Sectors 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 instru - ment 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 min - eral 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. 5.3 International Treaties Related to Exploration and Mining 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); • Saudi Arabia; • South Korea; • Spain; • Sweden (not in force); • Switzerland; • Syria; • Taiwan; • Thailand; • Turkey; • Portugal; • Romania; • Russia;
• the United Kingdom; • the United States; and • Vietnam. The Philippines has also entered into tax trea - ties with: • Australia;
• Austria; • Bahrain; • Bangladesh; • Belgium; • Brazil; • Canada; • China; • the Czech Republic; • Denmark;
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