Philippines upstream fiscal summary Report

Country Report 01 December 2023

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

Upstream licences are awarded via licensing rounds under what is effectively a simple Production Sharing Contract (PSC), despite being referred to as a Service Contract (SC).The fiscal terms include a fixed cost recovery ceiling and fixed production share. Depending on the level of participation of Filipino companies, contractors can recover up to an additional 7.5% of gross revenues as an incentive. The fiscal terms are fixed and agreed before each licensing round is launched.Corporate income tax is paid on behalf of the contractor by the Government.

Basis
Licence terms
Government equity participation
Fiscal terms
- Bonuses, rentals and fees
- Indirect taxes
- Filipino participation incentive allowance
- PSC production sharing
- PSC cost recovery
- PSC profit sharing
- Corporate income tax
- Fiscal treatment of decommissioning
- 2 more item(s)...
Recent history of fiscal changes
Stability provisions
Split of the barrel and share of profit
Effective royalty rate and maximum government share
Progressivity
Fiscal deterrence

Tables and charts

This report includes the following images and tables:

Split of Barrel - oil

Split of barrel - gas
Share of profit - oil
Share of profit - gas
Effective royalty rate and minimum state share - deepwater, oil and gas
Effective royalty rate and minimum state share - onshore and shallow, oil and gas
Maximum government share and maximum state share, oil and gas
State share versus Pre-Share IRR - oil
State share versus Pre-Share IRR - gas
Investor IRR versus Pre-Share IRR - oil
6 more item(s)...