Professional Documents
Culture Documents
PHILEX MINES
Focus on Benguet operations
By Arturo Boquiren
May 2009
ii
Table of Content
Section Page
I. Introduction 1
A. Geology 16
B. Reserves 19
C. Mining method/processing 20
Bibliography 45
iii
LIST OF TABLES
LIST OF FIGURES
ABSTRACT
Philex Mining Corporation was established in Benguet in 1955 but mining operations
started in 1958. As of 2009, it has been in Benguet for more than 51 years. Mineral production
started at 800 tons per day although mill capacity has been at 2,000 tons per day. Philex Mining
Corporation 2008 income from gold, copper, and silver was around P 9.7 billion (P5.4b from gold,
P4.3b from copper, and P85.1b from silver). The total hectares of land utilized to generate the
income were 39,440 hectares (covering 14,256 in Benguet and 24,184 hectares in Surigao). This
implies that Philex mining yields only P246,174 of revenues per hectare.
Philex Mines has mined and milled a total of 293.6 million tons of ore over 47 years, from
1958 to 2005. The Philex production generated a total of US2.6 billion through exports. By 31
December 2006, total ore milled reached 311 million metric tons and generated US$2.7 billion
through exports. In contrast, Department of Science and Technology-Philippine Council for
Agriculture, Forestry and Natural Resources Research and Development (DOST-PCARRD)
sources say that gross income from saluyot production is higher at P640,000 per hectare.
During the 47 years, the company produced 3.248 million dry metric tons of concentrate
consisting of 824 million kilograms of copper, 146.9 million kilogram of gold, and 163 million
kilograms of silver.
Based on geology, product, and production process, the following are some of the
environmental risks and issues in Philex mine operations:
Action on the eight (8) concerns and issues identified above is urgent given the
possibility that Philex may cease operating in Benguet or withdraw from some parts of Benguet
in 2012. Based on the stockholder profile of Philex Mining Corporation, the following should be
considered as possible pressure points or allies once Philex reneges or fails on its claim of
commitment to “corporate responsibilities”, covering accountabilities related to the environment:
Based on supply and market structure, advocacy work can be undertaken in Canada,
United Kingdom, The Netherlands, and Japan.
artboquiren may 2009
vi
The second edition failed to confirm the role of some banks in Philex
operations and so adjustments were made for this. There will be succeeding
editions of this work and works are ongoing to produce a sequel.
This edition as well as the first was unable to produce a deeper analysis of
the environmental, social, and economic of Philex operations because of funding
constraints---unfortunately notwithstanding the existence of institutions that
have the resources and mandate to support studies related to the environment.
Hopefully, one of them can support the production of a sequel as soon as
possible especially because of the urgency of the concerns involved.
The author thanks the Alyansa Tigil Mina and the Linis Gobyerno for
making the study possible.
1
I. Introduction
The aim of this work is to establish a dossier on Philex mining operation in
Benguet. A dossier pertains to a database or sourcebook/source website/webpage that can
be updated or on which additional data can be added. The dossier will focus on the
environmental, economic, and social impact of Philex Mining Corporation.
Philex is the largest mining firm in the country and an International Standards
Organization (ISO)-certified firm. If we are able to provide evidence that Philex did not
significantly improve the quality of life in Benguet and show that even an ISO-certified
firm degrades the environment in gold/copper mining, then we can argue that the smaller
mining firms and those without ISO-certification will probably not do any better.
We can also provide evidence that an ISO-certification will not guarantee a so-
called responsible mining, assuming that responsible mining does exist.
The research results will also enable civil society groups like the South Cotabato
groups anticipate the likely impact of Sagitarius Mines when once it pursues mining in
Tampakan, South Cotabato. Sagitarius Mines plans to produce almost ten times the
annual output of Philex Mines in Benguet.
Philex Mines in Benguet has required 3 tailing ponds, a large tract of land for
milling and company operations, and a San Roque dam. Other than this, the site of the
ore body itself is probably a ground zero for ecological disaster. Thus, most likely,
Tampakan mining in South Cotabato would have an environmental impact ten times of
Philex mines. Therefore, data from this research are also urgent for the advocacy work of
groups seeking an environment-friendly path to development in South Cotabato and
elsewhere.
What has been its impact to the host communities? Did large-scale mining
succeed in providing a good quality of life for its workers and host communities? What
does evidence say? What are their impacts to workers? What are their impacts to its host
communities? What are their impacts to the environment?
Being the largest mining company and being the company that is operated along
international standards, how can we compare the quality of life provided by Philex
Mining Company to its workers and host communities? Would other economic endeavors
have a better potential in providing a better quality of life for its workers and host
communities? What does evidence say on the matter?
What are the prospects for a post-Philex economy when Philex decides to leave
the community around 2012 or later? At the same time, what are accountabilities of
Philex to its host communities? Is the allocation for rehabilitation adequate given its
accountabilities?
Meanwhile, what is the firm, asset, liability, market, financial, and supply-chain
structure of Philex? What opportunities do the structure presents for advocacy and
pressure tactics of environmental-protection advocacy groups?
Scope and purpose of this initial edition. Although the research problem
described earlier is the one that will be addressed by this dossier, information will have to
be built up over time. The building up of dossier will be done through voluntary initiative
as well as through research funded by donors.
Funding for research will allow a quick address of the concerns of this dossier.
Further, it will allow an address of the research problem at a deeper level of inquiry as
resources will be available for review of literature, interviews, key informant interviews,
focus group discussion, data search, review of documents, and release time for an in-
depth analysis of data.
The immediate concern of this edition is to identify the environmental risks posed
by the mining operation of Philex based on a review of its mining operations as well as
data available based on company documents and sources of information.
Further, this edition seeks to apply the methodology of SOMO. The SOMO
methodology makes intensive use of internet sources to identify firm structure, market,
and firm financial condition for the purpose of identifying the appropriate pressure points
for lobby work.
Of course, this edition will be updated and enriched through time. When possible,
resources will be acquired so research can be made in-depth especially given Philex
Mining Corporation possible exit in 2012.
Company data say that, as of 31 December 2006, total ore milled reached
311 million metric tons and generated US$2.7 billion through exports. A 26
February 2005 report of The SunsStar says that from a deposit of 18 million tons
and after mine and mill expansion, Philex Mines mined and milled a total of
293.6 million tons of ore over 47 years, from 1958 to 2005. Philex generated a
total of US2.6 billion through exports during the period. Further, during the 47
years, SunStar also say that the company produced 3.248 million dry metric tons
of concentrate consisting of 824 million kilograms of copper, 146.9 million
kilogram of gold, and 163 million kilograms of silver.
1
PMC is Philex Mining Corporation.
The main site of Philex mining operations, from its establishment until
today, is the Sto. Tomas II ore body in Pacdal, Tuba, Benguet. Pacdal Mine, as the
mining site is also known, used to be a completely logged-out old sawmill.
Figure 2. Production in 1958 started at 800 tons per day (Source: PMC 2007b)
Figure 5. Tax paid by Philex: P9.7 billion in 50 years, P485 million in 2006
(Source: PMC 2007b)
According to the 2009 report of independent auditors (SGV & Co/Ernst &
Young) and other documents of the Philex Mining Corporation:
Philex Petroleum Corporation and FECR are engaged in oil and gas
operation and exploration activities. Both participate in oil and gas
production and exploration activities through investee companies.
FECR owns 29.78% of Forum Energy Plc or FEP (FEP can be searched in
Google Finance and http://investing.businessweek.com. FEP is a United
Kingdom company incorporated in April 2005 through the consolidation of
the Philippine assets of Forum Energy Corporation and Sterling Energy Plc
(“SEY”) of the UK. FEP has just closed a US$6.2 million pre-IPO financing
and a US$19.35 million IPO financing and is listed on the AIM market of the
London stock exchange. FEP has a portfolio of oil and gas exploration
projects in the Philippines. The portfolio includes contracts with existing
infrastructure, production, and proven hydrocarbon potential. FEP also holds
coal operation contracts in Central and Southern Cebu.
Lascogon Mining Corporation (LMC) was incorporated in 2005 to engage in
the exploration, development, and utilization of mineral resources.
Philippine Gold Mining Company B.V. (PGMC-BV): incorporated in
Netherlands. This company has been the intermediary holding company of
Philex Gold Inc (source: page 5 of the SGV & Co/Ernst and Young
Independent Auditors Report to stockholders).
In its report to the stockholders of Philex Mining Corporation (the report was
also forwarded to the Securities and Exchange Commission in 2009), SGV & Co
and Ernst and Young in early 2009 reported that the following constitutes the
ownership of firms of the Philex group:
The April 2009 Philex Mining Corporation’s report to the Securities and
Exchange Commission of the Philippines indicates that the second largest owner
of Philex is the Social Security System (SSS) with 20.27% share. According to the
same document, there are 46,578 stockholders of Philex Mining Corporation, in
which 35.64% of the outstanding shares are owned by foreign nationals and
institutions.
other participants in the PCD are the Asia Link B.V. (20.063%) and the Hong
Kong and Shanghai Banking Corporation, Ltd. (8.716%).
The officers and directors leading the company Walter Brown, Albert
Awad, Thelmo Cunanan, Eulalio Austin, Renato Migrito, Guadaflor Malonzo,
and the rest (see Figure 9 next page) are believed to collectively hold no more
than 2% of the company. However, their collective control over the company can
be higher because only 82.32% of Philex has clear ownership and the rest of the
voting rights can be assigned to the board via a proxy assignment.
Walter H. Brown, in his late 60s, Filipino citizen is Board Chairman and
Chief Executive Officer of Philex since 2004. He was an officer of Philex since
2003. He is also the Chairman of PGI and PGPI. Eulalio B. Austin, in his late 40s,
has been a leading officer of Philex since 2004 and has been in the Philex
management since 1996. In May 2009, Philex revealed that Romulo Neri (Filipino
citizen), Robert Nicholson (English citizen), Roberto Ongpin (Filipino citizen),
and Manuel Pangilinan (Filipino citizen) joined the PMC Board of Directors.
The Philex produce from its Benguet operation are copper concentrates
that contain copper, gold, and silver. The copper concentrates are smelted by
other companies. In contrast, however, the Bulawan gold mine produce bullions
containing gold and silver that are refined either by the Bangko Sentral ng
Pilipinas Mint and Gold Refinery or sent by freight and refined by Johnson
Matthey Plc of England.
Figure 10 of the next page indicates that Philex produce from the Benguet
operation are shipped to Japan or Leyte. According to the
www.tradingmarket.com in April 2009, Philex primarily produces copper
concentrates (containing copper, gold, and silver) that are transported via sea
freight and smelted in Kyushu Island, Japan, in the Saganoseki smelter of Pan
Pacific Copper Co., Ltd. The latter is a joint venture between Nippon Mining Co.
Ltd. and Mitsui Mining and Smelting Co. Ltd.
Figure 10. Process flowsheet of milling and market outlet (Source: PMC 2007b)
Philex Building
27 Brixton Street, Pasig City, Philippines
Email: philex@philexmining.com.ph
Website: www.philexmining.com.ph
Figure 11. Map showing land area covered by Philex mine operations (Source: PMC 2007a)
Philex mining covers a total tenement area of 14,256 hectare. Around 7,776
hectares are covered by a mineral production sharing agreement.
Figure 12. Map showing the MPSA and APSA of Philex mine operations (Source: PMC 2007c)
The other facilities of Philex Mining Corporation are the milling and mine
site in Padcal, Camp 3, Tuba, Benguet Province and the tailing ponds in Itogon,
Benguet. Of course, it has facilities in Poro Point, San Fernando, La Union.
Meanwhile, Figure 12 of the earlier page indicate that the mining contracts
covering tenements occupied by Philex that enable Philex to pursue its mining
operations are as follows:
F. Income profile
Figure 14 indicate that the total 2008 income from gold, copper, and silver
of Philex Mining Corporation is around P 9.7 billion (around P5.4b from gold,
P4.3b from copper, and P85.1b from silver). The total hectares of land utilized to
generate the income is 39,440 hectares (covering 14,256 in Benguet and 24,184
hectares in Surigao). This implies that Philex mining yields only P246,174 of
revenues per hectare.
that even saluyot production can beat the gross income realized from Philex
mining at P640,000 per hectare.
Figure 15. Taxes paid 1991-2006: P1.08 billion (Source: PMC 2007b)
Figure 15 above indicates that total taxes paid by Philex mines to the
government in 16 years reached P1.08 billion or about P68 annually.
Nevertheless, the data on Figure 14 page 14 of the earlier page indicate the
mineral product taxes, royalties, and income taxes are around only 11% of the
gross income from mining.
A. Geology
Figure 16. Site of Philex mining operations and fault lines (Source: PMC 2006c)
Figure 14 below gives us a close-up of the Sto. Tomas Ore body that is the
main site of Philex mining operation.
Figure 17. Philex Mining company illustration of Phlox ore body: Sto. Tomas ore
body is directly along the Albian and Sta. Fe faults (Source: PMC 2006c)
As indicated by the figure above, the Sto. Tomas Ore Body of Philex Mines
lies directly along the path of the Albian and Sta. Fe fault lines. A sharp
movement along the fault line can result to a geological disaster.
Figure 18 on the next page indicate the proximity of the Philex milling
plant to the Sto. Tomas II ore body. The ore body is actually the site of the old
open pit mining of Philex. Underneath the site of the old open pit mine, Philex
underground mining continues.
Figure 18. Vertical section of Sto. Tomas II ore body and milling plant: blue blocks are
mined-out, red blocks are producing, and green block is virgin (Source: PMC 2006c)
Figure 19. Location of Philex ore body: Philex Mines’ PowerPoint (Source: PMC 2006c) above
suggest s that the Sto. Tomas ore body is approximately at N16º16’ E120º32’. However, as
discussed in Chapter 5, the ore body is likely at 16º15’45.62” North 120º37’18.87” East
B. Reserves
PHILEX MINING CORPORATION
STO. TOMAS II OREBODY
Padcal, Camp 3, Tuba, Benguet
Year Discovered : 1955
Year Production : 1958
Initial Ore Reserve
18.0MT @0.90%Cu; 0.98gAu/t
Initial Production
800TPD @0.80%Cu; 1.0gAu/t
Geologic Resource
Remaining as of January 1, 2006
95.8 Million DMT @ 0.28%Cu; 0.68gAu/t
C. Mining method/processing
Figure 21 on the next page that comes from a set of Philex PowerPoint
Slides indicates a bias of the company for open pit mining. An educational and
research site on precious metals, www.aboutpreciousmetals.com, defines open
pit mining as a method of extraction done by digging a large hole in the ground
and removing the ore. According to the educational site, the walls of the mine
are dug out in steps or benches to provide a stable structure to the pit walls and
allow maneuver for earth moving machinery as the pit is expanded. The site also
says that before ores can be removed, they need to be broken up into manageable
pieces by drilling holes into rocks and filling them up with explosives.
Finally, beginning 1996, the block caving system of mine operation used
load-haul-dump units and the mining methodology is called today as block
caving-load haul dump or LHD. This is illustrated in Figure 25 on page 23.
LHD refers to Load-Haul-Dump and is one variation of the block-caving mining
method. In particular, LHD refers to the loading, hauling, and transport of the
ore via dump trucks or transport vehicles.
Thus, Figure 22 (page 21) basically summarizes that the main products of
Philex operations are gold, copper, and silver. The mining method used is block
caving-load/haul/dump while the milling method used to turn ore into copper
concentrates is flotation.
Data are yet unavailable on how Philex Mines dispose of its gold and
silver as well as its other by-products: magnesium, iron, bismuth, manganese,
nickel, cobalt, cadmium, chromium, mercury, platinum, and palladium.
Figure 21. Characteristics of Philex ore body: massive (Source: PMC 2006c)
Figure 22. Overview on mining and milling method at Philex-Pacdal (Source: 2007a)
Figure 23. Philex mining method 1958-1963: open pit mining (Source: PMC 2006a)
Figure 24. Philex mining 1963-1996: block caving-slusher method (Source: PMC 2006a)
Figure 25. Philex mining 1996-present: block caving with load-haul-dump (Source: PMC 2006a)
Figure 27. Horizontal driving in Philex mine development (Source: PMC 2006a)
Figure 28. Vertical driving in Philex mine development (Source: PMC 2006a)
Figure 29. Installing rock support in Philex mine development (Source: PMC 2006a)
Figure 30. Drilling of fan holes in Philex mine development (Source: PMC 2006a)
Figure 31. Drawpoints for ore in mine development (Source: PMC 2006a)
Figure 34. Scooping, loading, and dumping of ore (Source: PMC 2006a)
Figure 35. Subsidence at the ore body in mine operation (Source: PMC 2006a)
what are the risks and how can we monetize the value of the risks
involved in Philex mining given that the country lie along the Pacific ring
of fire that is vulnerable to frequent earthquakes and given that the Philex
ore body are crisscrossed by two fault lines?
Figure 37. Backfilling above active mining area (Source: PMC 2006a)
Figure 38. Milling flow sheet and transport to Poro Point for Japan or Leyte
(Source: PMC 2007b)
Figure 39. Philex Mining Corporation ore body and mill (PMC 2007b)
As discussed earlier, the milling plant is around 2.7 kilometers away from
the ore body (Sto. Tomas II deposit). Philex reports that the ore body is in Pacdal,
Municipality of Tuba, Benguet Province. On the other hand, CADT (Certificate of
Ancestral Domain Title) holders report that the Philex tailings ponds are in the
Municipality of Itogon, Benguet. Thus, effectively, Philex mine operations are
not only in the Municipality of Tuba but also in the Municipality of Itogon.
Philex mining facilities or infrastructure straddle in the two municipalities: Tuba
and Itogon.
Figure 40. Close-up on Philex Mining Company ore body and mill (PMC 2007b)
Figure 41. Map on Philex ore body, mill, residential areas, and tailing ponds
(Source: PMC 2007b)
Analyzing Figure 42 page 33, the earth position of the Philex ore
body/open pit mine is approximately in the vicinity of 16º15’45.62” North
120º37’18.87” East. Based on the shape of Philex tailing pond 1 on Figures 43 and
47, pages 33 and 35, as well as Google Earth picture on Figure 42, Philex tailings
pond 1 is in the vicinity of 16º15’53.08” North and 120º39’16.79” East.
Figure 42 indicates that tailing ponds 2 and 3 are connected and Figure 45
page 34 indicates that both tailing ponds ultimately discharge into the Agno
River. As early as 2001, the Department of Environment and Natural Resources-
Cordillera (DENR-CAR) has identified the three tailing ponds of Philex Mining
Figure 42. Philex open pit mine, tailing ponds, and nearby areas on Google Earth
(labels above are from Google Earth)
Figure 44. Philex open pit/ore body (Sto. Tomas II) and tailing ponds 1, 2, and 3
Figure 45. Philex tailing ponds 1, 2, and 3 and link to body of water (Agno River)
Figure 46. Philex tailings pond 1 then and now: 26 hectares, expected useful life
was 10 years, closed in 1981 (Source: PMC 2007b)
Table 1 indicates the expected useful life, area, capacity, and status of
Philex Mines’ three tailings ponds.
Table 1 . Philex tailings pond, expected useful life, area, capacity, and status
Expected Surface
Tailing Pond/ Designed Impounding
Years of Area Status
Dam Capacity (in metric tons)
Useful Life (hectares)
Closed in
Tailing Pond #1 10 26.16 85,259.975
1981
Closed in
Tailing Pond #2 11 28.19 72,067,331
1992
Tailing Pond #3 18-20 63.08 142,000,000 Active
Source: Boquiren 2006:63 based on DENR-CAR data in April 2006
Analyzing Figures 46 and 47 of page 35, we see that it took 20 years for
negligible vegetation to appear in the tailings pond 1 after being
decommissioned in 1981. Thirty years after and it is obvious that the tailing pond
continues to be unproductive and a wasteland. Counting approximately 10 years
during which the pond had served as a mine tailings pond, Figures 46 and 47
indicate that tailing ponds would be unproductive for at least 40 years when
used as tailing ponds. This documentation has no pictures yet of Philex tailings
dam 2 but we can expect that most likely the situation of Philex tailings pond 2 is
much worse than the situation of Philex tailings pond 1. Meanwhile, how are
mine tailings managed in Philex tailings pond 3? The figures on the next two
pages are instructive.
Figure 48. Mine waste management in tailings pond 3 (Source: PMC 2007b)
The illustration above from Philex itself describes how mine tailings are
managed in tailings pond 3. Obviously, some of the environmental risks that can
be associated with Philex tailings pond 3 are the dissolved chemicals and heavy
metals in the effluents from the tailing pond as well as the chemicals and heavy
metals from the mine tailings deposited in the tailing pond.
Figure 49. Tailings pond 3 is reported by Philex as its “active tailing pond”
(Source: PMC 2007b)
Figure 49 above depicts Philex tailings pond 3. Boquiren 2006:63 says that
according to Department of Environment and Natural Resources (DENR)
documents, tailings pond 3 has a life of 18-20 years. If we mark 1992 as the start
of operation of tailings pond 3, then the tailing pond has to be decommissioned
in 2010 or around two years in 2012.
Philex has not reported any additional tailings pond and its mining
operations are likely to continue for at least several more years. This indicate that
in a few years’ time, it is highly likely that there will direct dumping of wastes
from Philex Mines into the Benguet rivers unless Philex cease operating.
1. Albian Creek: at risk because the creek emanates from the subsidence
area of the open pit mine of Philex
2. Sal-angan Creek: at risk because the creek lies along the paths of two
non-operational mine tailing ponds (Philex tailings pond 1 and 2)
3. Balog River: at risk because effluents from Philex tailings pond 3
converge with this river
4. Agno River: at risk because the Balog River eventually drains into the
Agno River and San Roque Dam
Notes on the water quality of the said creeks and rivers are indicated by
the table below:
The risks of Philex mine operations can be assessed further if we study the
Albian and Sal-angan creeks deeper and identify the aboveground and
underground exit points of the creek waters. Hydrology studies will be helpful.
Inactive tailing ponds can have heavy metals or underground acid mine
drainage. Fishes can ingest the heavy metals and consumption by humans of
fishes that ingested heavy metals can result to the bioaccumulation of metals in
the human body. On the other hand, there are species of fishes that are resistant
to copper toxicity and some of the fish species can have adults that are resistant
to toxicity even if their larvae are not.
Figure 50. Decommissioned Philex tailings pond 1 and fishponds (Source: PMC 2007b,
note similarity of depiction of tailing pond with those in Figures 43 and 47 pages 33 and 35)
Figure 51. Tilapia fish pond terraces at Omistic (Source: PMC 2007b,
source of water unclear if contaminated by Philex tailing pond 1)
Meanwhile, Figure 52 indicates that Philex also believe its greatest impact
will be in communities where the mill, tailing ponds, and ore body are located.
Figure 52. Philex Mining Corporation and company perception of its own impact
(Source: PMC 2007b)
Action on the eight (8) concerns and issues identified above are urgent
given the possibility that Philex may cease operating in Benguet or withdraw
from some parts of Benguet in 2012. Based on the stockholder profile of Philex
Mining Corporation, the following should be considered as possible pressure
points or allies once Philex reneged or fails on its corporate responsibilities,
covering accountabilities related to the environment.
For advocacy work abroad, the following are some of the pressure points
based on market and suppliers’ profile of Philex Mining Corporation:
1. Canada
2. United Kingdom
Almost 50% of the foreign sales of Philex go to L.D. Metals Ltd. The firm is
under registration number 04382295.
3. Netherlands
4. Japan
5. Australia
As discussed earlier, Philex obtains some of its supply needs from the
Crushing and Equipment PTY Limited of Perth, Sydney, and Brisbane of
Australia.
BIBLIOGRAPHY
Boquiren, A. [2008] “Mining is the wrong engine for growth” in Goodland, Robert and
Clive Wicks, Philippines: mining or food. The Working Group on Mining in the
Philipines: London, United Kingdom.
Philex Mining Corporation. [2007a] Philex Mining Corporation: The Padcal Mine. A
PowerPoint Slide Presentation of Philex Mining Corporation (August): Benguet,
Philippines.
Philex Mining Corporation. [2007b] Philex Mining Corporation Tuba and Itogon
Benguet: Social Development and Management Program (SDMP) and
Environmental Protection & Enhancement Program (EPEP). A PowerPoint Slide
Presentation of Philex Mining Corporation (August): Benguet, Philippines.
Philex Mining Corporation. [2006c] Geology of Sto. Tomas II. A PowerPoint Slide
Presentation of Philex Mining Corporation: Benguet, Philippines.
Philex Mining Corporation. [_____] Annual reports to the Securities and Exchange
Commission, Various Years. Philex Mining Corporation: Benguet, Philippines.
SGV & Co and Ernst & Young. [2009]. Independent auditor’s report to the Stockholders
and Board of Directors, Philex Mining Corporation. Philex Mining Corporation:
Benguet, Philippines. The report was attached as part of the official report of the
corporation to the Securities and Exchange Commission, Philippines.