Section 11Sec./Art. 11

A new section designated as Section 287-A under Chapter II, Title XI of the National Internal Revenue Code of 1997, as amended, is hereby inserted to read as follows:

"Section 287-A.

Share of the Mines and Geosciences Bureau and the Metals Industry Research and Development Center in the Royalty Proceeds from Mineral Resources. - A ten percent (10%) share of the royalty derived from mining operations within mineral reservations under Sections 151-A(A)(1) and 151-A(E) of this Code shall accrue to the Mines and Geosciences Bureau, to be allotted for special projects and other administrative expenses related to the exploration and development of other mineral reservations, as provided in Section 5 of Republic Act No.7942, otherwise known as "The Philippine Mining Act of 1995", and to the metals industry research and development center for the development of value-adding activities and downstream industries for strategic metallic ores as provided in Section 8 of Executive Order No. 79, series of 2012, institutionalizing and implementing reforms in the Philippine mining sector, providing policies and guidelines to ensure environmental protection and responsible mining in the utilization of mineral resources."