MANILA, April 15 (Xinhua) -- Philippine President Rodrigo Duterte has lifted the nine-year moratorium on new mining agreements to maximize the country's benefit from the industry, the presidential office said on Thursday.

"The Department of Environment and Natural Resources (DENR) may continue to grant and issue exploration permits under existing laws, rules, and guidelines," according to an executive order (EO) signed by Duterte on Wednesday.

The EO added that those who will get permits "shall be given the right of (the) first option to develop and utilize the minerals in their exploration area upon the approval of the declaration of mining project feasibility."

"The DENR shall formulate the terms and conditions in the new mineral agreements that will maximize government revenues and share from production, including the possibility of declaring these areas as mineral reservations to obtain appropriate royalties, in accordance with existing laws, rules, and regulations," the EO said.

In 2012, then Philippine President Benigno Aquino III barred the signing of new mineral agreements.

"The Philippines has tapped less than 5 percent of its mineral resources endowment to date," the EO said, adding it will usher in "significant economic benefit to the country."

"The mining industry can support various government projects, provide raw materials to other construction and development of other industries, and increase employment opportunities in remote rural areas thereby stimulating countryside development," the EO said. Enditem

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