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law at least sixty per centum (60%) of the capital of which is owned by citizens of the Philippines: Provided, That a legally organized foreign-owned corporation shall be deemed a qualified person for purposes of granting an exploration permit, financial or technical assistance agreement or mineral processing permit.

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The boom years of the Philippine mining industry was the pre-war period. The principal product was gold. There were forty gold mines in operation producing about 40 metric tons per annum before the outbreak of World War II. Year 1936 saw the passing of Commonwealth Act 137 or country's third mining law.

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