OceanaGold (Philippines), Inc. (OGP), is pleased to announce its remittance of PHP 466.86 million in Additional Government Share (AGS) to the National Government covering the fiscal year 2024 pursuant to the terms of its Financial or Technical Assistance Agreement (FTAA). This remittance brings OGP’s total AGS payment over the last two years to almost PHP 1.6 billion, underscoring its commitment to supporting the Philippine economy and fulfilling its obligations.
The second AGS payment was formally received by Michael V. Cabalda, DENR Assistant Secretary and MGB Director in a turnover ceremony held on April 30, 2025, at the Mines and Geosciences Bureau (MGB) Central Office.
“OceanaGold’s significant contribution to the national treasury, demonstrated by this AGS payment, underscores that mining, when done responsibly, becomes a powerful engine for nation-building and ensures that our people benefit meaningfully from the country’s mineral wealth, while creating an environment where responsible investors can thrive. The consistent remittances from OceanaGold Philippines, even amid shifts in global markets and production cycles, reaffirm its role as a reliable partner of the Philippine government under the FTAA,” said Asec.Michael V. Cabalda.
“We extend our sincere gratitude to OGP for their commitment to compliance and their focus on safe and responsible mining operations.,” he added.
“We are proud to continue contributing to the Philippine Government and support nation-building with our mining operations,” said Atty. Joan Adaci-Cattiling, OGP President and General Manager for External Affairs and Social Performance.
“This significant contribution of almost PHP 1.6 billion in cumulative AGS payments exemplifies the substantial economic benefits that responsible mining can bring,” she added.
This year’s AGS payment is on top of PHP870 million in excise taxes and PHP512 million local taxes and fees that were paid in 2024.
Under its FTAA, the Government and OGP share the net revenue from the Didipio gold-copper Mine in Luzon on a 60-40 basis, where the government receives 60% of the net revenue and OGP takes 40%. This arrangement is based on the principle that the government should receive a fair economic return for its mineral natural resources, while OGP is entitled to a reasonable return on its investments. In accordance with the terms of the FTAA, all taxes and fees paid to the government are deducted from the government’s 60% share of net revenue to arrive at any additional government share payable.
The Company expects to continue its remittance of additional government share, subject to metal prices, production, and financial performance.
As a model of responsible mining, significant investments were also made in OGP’s host and neighbouring communities through its Social Development and Management Program (SDMP) and other development funds.
In 2024 alone, OGP spent PHP220 million under its SDMP to support initiatives in education, healthcare, livelihood enhancement, and infrastructure improvement in host and neighbouring barangays. Additionally, through the Community Development Fund and Provincial Development Fund, OGP invested PHP203 million and PHPP102 million respectively in broader development initiatives in the provinces of Nueva Vizcaya and Quirino.
