they have no treasure hunting permit in the first place. maybe , they cannot get that gold and share the loot that they have discovered. its stupid not to get a treasure hunting permit from the government before operating. plus the party that should contract with the government should be a corporation with 60% filipino, 40% foreigner composition. that is a constitutional provision.
ARticle 12 of the 1987 constitution provides that:
Section 2. All lands of the public domain, waters, minerals, coal, petroleum, and other mineral oils, all forces of potential energy, fisheries, forests or timber, wildlife, flora and fauna, and other natural resources are owned by the State. With the exception of agricultural lands, all other natural resources shall not be alienated. The exploration, development, and utilization of natural resources shall be under the full control and supervision of the State. The State may directly undertake such activities, or it may enter into co-production, joint venture, or production-sharing agreements with Filipino citizens, or corporations or associations at least sixty per centum of whose capital is owned by such citizens. Such agreements may be for a period not exceeding twenty-five years, renewable for not more than twenty-five years, and under such terms and conditions as may be provided by law. In cases of water rights for irrigation, water supply fisheries, or industrial uses other than the development of water power, beneficial use may be the measure and limit of the grant.
they should have applied for a th permit beforehand with the national museum. but the problem is, the group that should be a party with the philippine government should be a corporation with a 60-40 ownership composition. then they operate. in that manner, they can get a share.
however, they did operate hastily and was never interested in getting a share. without th permit, they would not get a single dime from the government because its illegal to treasure hunt int he first place without a th permit .
yes. they wasted an opportunity. maybe they should be smarter the next time around. set up a corporation with a 60 % filipino, 40% foreigner composition, and then get a th permit before operation.
but i have to check about the constitutional provision on joint venture allowing corporations with 100% foreign ownership on some matters . i have to check it if the said constitutional provision includes treasure hunting. if it does not include treasure hunting, then we go to the general rule that it should be 60% filipino,40% foreign owned corporations