Country report

Philippines upstream fiscal summary

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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.

What's included

This report contains

  • Document

    Philippines upstream fiscal summary

    PDF 336.99 KB

Table of contents

  • Executive summary
  • Current licence, equity and fiscal terms
  • Fiscal stability
  • Economic analysis

Tables and charts

This report includes 18 images and tables including:

Images

  • Revenue flowchart: Philippines PSC
  • Fiscal stability: Image 1
  • Split of Barrel - oil
  • Split of barrel - gas
  • Share of profit - oil
  • Share of profit - gas
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas

Tables

  • Fiscal stability: Table 1
  • Effective royalty rate and minimum state share, oil and gas
  • Maximum government share and maximum state share, oil and gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Assumed terms by location - oil and gas
  • Filipino participation incentive allowance
  • Current licence, equity and fiscal terms: Table 4

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