The government of the Philippines has requested that the country’s Supreme Court reverse its decision to curtail foreign investments in the mining sector.
A court filing cited potential losses of more than US$10 billion to the country as a result of the Supreme Court’s ruling against a law that allowed foreign companies to own 100% of mining operations.
According to court documents, the Philippines would lose US$9.5 billion in mining revenue, US$461 million in potential investments, and US$1 billion in taxes from mining companies, as well as nearly 7,500 jobs, as a result of the ruling.
The Supreme Court had ruled that government changes to regulations violated a constitutional provision barring foreigners from the mining sector.
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