What are the conditions for corporations to participate in the utilization of natural resources?
The exploration, development, and utilization of natural resources are strictly under the full control and supervision of the State. The State may enter into co-production, joint venture, or production-sharing agreements with qualified corporations or associations. To qualify, these corporations must have at least sixty per centum of their capital owned by Filipino citizens. These specific agreements cannot exceed twenty-five years, though renewable for another twenty-five years, as specified in Article XII, Section 2, 1987 Philippine Constitution. “The exploration, development, and utilization of natural resources shall be under the full control and supervision of the State. The State may directly undertake such activities, or it may enter into co-production, joint venture, or production-sharing agreements with Filipino citizens, or corporations or associations at least sixty per centum of whose capital is owned by such citizens. Such agreements may be for a period not exceeding twenty-five years, renewable for not more than twenty-five years…” 22-Mar-26About Nicolas and De Vega Law Offices
Nicolas and De Vega Law Offices is a full-service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 84706126, +632 84706130, +632 84016392 or e-mail us at [email protected]. Visit our website https://ndvlaw.com/.
