Section 2Sec./Art. 2

Declaration of Policy. - The State owns all mineral resources within its territory and exclusive economic zone. Thus, the State shall exercise full control and supervision over the exploration, development, and utilization of these resources, and shall receive its fair share in the incomes therefrom.

In harnessing mineral resources to contribute to the country's economic growth and general welfare, the State recognizes the indispensable roles of the private sector and civil society and shall encourage participation through transparency and public accountability.

In recognizing the indispensable role of the private sector, the State likewise encourages private enterprise and investments. Thus, the State guarantees the legal stability of agreements entered into by the Government with metallic mining investors as contractors of the State, including the continued applicability of the tax regime in force at the time of the execution of these contracts for the duration of their validity.