THE Department of Environment and Natural Resources (DENR) on Friday said it has remitted P1.129 billion to the national government from its first financial and technical assistance agreement (FTAA) revenue.
“More than a historic first, the FTAA revenue amounted to P1.129 billion representing additional government share of minerals produced by Oceana Gold Philippines Inc. (OGPI), operator of Didipio Mine in Northern Luzon,“ the DENR said in a statement.
The agency said it has unearthed a “veritable mother lode” of revenue in the form of FTAA, a production-sharing agreement between the Philippine government and a large-scale mining company.
DENR Secretary Maria Antonia Yulo-Loyzaga said the first FTAA payout from OGPI wa remitted to the national treasury on the same day it was received by the DENR’s Mines and Geosciences Bureau last Apr. 23.
She lauded OGPI for the quick release of the funds.
“This is a testament to OGPI’s contractual commitment as it practices safe and responsible mining,” Loyzaga said.
The payment was the “first from the Didipio Mine this year, and the first ever from an FTAA holder in the country.”
OGPI’s payment for AGS was on top of P979 million in excise taxes and P2.5 billion in other local taxes and fees that were all paid in 2023.
The firm said it would also pay local business taxes for 2024 in the amount of P421.8 million with the agreement of three towns of Nueva Vizcaya and Quirino, where Didipio Mine operates.
OGPI is one of the only five FTAAs in the Philippines.
Under the FTAA that was renewed on July 14, 2021, the Philippine government and the mining firm agreed on a 60-40 sharing deal, with the government getting 60 percent of the net revenue, while OGPI would take the 40 percent.