The Philippines is a country richly endowed with minerals and natural resources. According to the Mines and Geosciences Bureau, 30% (or 9 million hectares) of its total land area of 30 million hectares have been identified as having "high mineral potential.” From almost US$2.0 billion in 2008, the gross production value (GPV) of minerals produced in the Philippines grew to US$3.4 billion by 2012. During the same period, the government collected taxes, fees and royalties amounting to US$ 172.9 million in 2008 (Php 7.4 billion or 8.6% of GPV in 2008) and US$ 509.8 million in 2012 (Php 21.9 billion or 15% of GPV). This paper provides a background on the taxes, royalties and fees that are imposed on mining activities as well as the revenue sharing schemes between and among the holders of mineral agreements, the national government, local government units, and other stakeholders. Issues and concerns that may be raised in the deliberation of the various proposals prescribing a new fiscal regime for the mining sector are also discussed. Currently, there are nine (9) related bills presented before the House of Representatives for consideration.