Issue of September 2, 2018
     
NEWS
Benguet
Mt. Province
 
OPINION
 

2018
Panagbenga Flower Festival
 
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Law on extractive industries transparency initiative backed
by PIO release

Local officials, extractive industry representatives, government, and civil society groups backed the clamor for the passage of a law that would institutionalize the Philippine Extractive Industries Transparency Initiative (PH-EITI) to ensure the mainstreaming, continuity, and sustainability of its work and contribution to the country’s sustainable development.

More than 150 delegates from local government units, government agencies, extractive industry companies, and civil society groups made the call during the Baguio leg of the PH-EITI Road Show 2018 with the theme “Moving beyond transparency: Integrating extractives disclosure and dialogue in local development.”

The participants believe that the PH-EITI organization, principles, objectives, and processes are not only relevant but are also necessary for the inclusive, transparent, and accountable governance of the country’s natural resources.

PH-EITI was created in 2013 by virtue of Executive Order 47 pursuant to EO 79, s. 2012 where the Philippine government committed to implement the extractive industries transparency initiative, the global standard for the good governance of oil, gas, and mineral resources.

After undergoing international validation, the Philippines was declared by the EITI Board in October 2017 as the first among more than 50 countries implementing EITI worldwide to have achieved satisfactory progress in complying with the 2016 EITI standard.

For the past five years, PH-EITI has progressively built a multi-stakeholder system for data disclosure and dialogue and harnessed the power of transparency to pool together government, industry, and civil society to ensure that the country’s mineral, oil, and gas resources redound to the benefit of Filipinos.

To date, PH-EITI published four country reports containing comprehensive contextual information about the Philippine extractive sectors as well as independently reconciled data on payments or revenues from oil, gas, and mining companies; government agencies; and LGUs.

The 4th PH-EITI report comprises data from eight government agencies, 61 LGUs hosting extractive operations, 30 large-scale metallic and five non-metallic mining companies, and five oil and gas companies covering P26.98 billion and P27.40B in revenues in 2015 and 2016, respectively.

Every PH-EITI report communicates the latest findings through the PH-EITI national conference and nationwide PH-EITI road shows.


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