The Department of Environment and Natural Resources (DENR) has unearthed a veritable "mother lode" of revenue in the form of the Financial and Technical Assistance Agreement (FTAA) which is essentially a production-sharing agreement between the Philippine government and a large-scale mining company. 

More than a historic first, the FTAA revenue amounted to P1.129 billion representing the additional government share (AGS) of minerals produced by Oceana Gold Philippines Inc. (OGPI), operator of Didipio Mine in Northern Luzon.

Secretary Ma. Antonia Yulo Loyzaga says that in fact, the DENR Bureau of Mines and Geosciences remitted the first FTAA payout from OGPI to the National Treasury the day it was received on April 23.

The DENR chief lauded OGPI for the quick release of the AGS. "This is a testament to OGPI's contractual commitment as it practices safe and responsible mining," Secretary Loyzaga said.

Atty. Joan Adaci-Cattiling, President/Chief Executive Officer of OGPI called the payment the “first from the Didipio Mine this year, and the first ever from an FTAA holder in the country.”