Duterte lifts ban on new mining agreements
Apr 15, 2021 11:37 AM PHT
President Rodrigo Duterte has lifted the moratorium on new mining agreements, a move intended to shore up the pandemic-hit economy.
Duterte signed Executive Order No. 130 on Wednesday, April 14, but Malacañang released a copy of the EO on Thursday, April 15.
The EO overturns a portion of an EO signed by then-president Benigno Aquino III in 2012, which had barred the signing of new mineral agreements until a legislation rationalizing existing revenue sharing schemes and mechanisms shall have taken effect.
As there is no such law, Duterte ordered the Department of Environment and Natural Resources (DENR) to do what the expected law was supposed to.
Regulators probe unlisted Abra Mining shares
Mar 8, 2021 10:50 AM PHT
The Securities and Exchange Commission (SEC), Philippine Stock Exchange (PSE), and Philippine Depository and Trust Corporation (PDTC) have teamed up to pursue the necessary actions to protect investors.
In a parallel preliminary fact-finding investigation, the SEC found that AR had 258.96 billion shares lodged with PDTC as of February 16. The figure exceeds the 72.9 billion shares the company listed with the PSE by over 186 billion.
In its 2019 financial statement, AR reported issued and outstanding capital stock comprising 99.29 billion shares.
The discrepancies are violations of the Revised Corporation Code of the Philippines or Republic Act No. 11232.