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Manila Bulletin devider Business devider PH-EITI vows improved resource governance

PH-EITI vows improved resource governance

Published Sep 25, 2022 05:00 pm

The Philippine Extractive Industries Transparency Initiative (PH-EITI) wants to strengthen the country’s good governance policy in managing its oil, gas and mineral resources.

PH-EITI said after the Multi-Stakeholder Group (MSG) held its first meeting riday, Sept. 16, two weeks after the country rejoined the Extractive Industries Transparency Initiative (EITI) that sets the standard for transparency and accountability in the oil, gas, and mining sectors.

Finance Undersecretary Cielo D. Magno said PH-EITI will improve resource governance by strengthen spaces for multi-stakeholder participation and advocate for more spaces along the extractive industry value chain.

Magno, who is also PH-EITI focal person and chair, added that PH-EITI’s Multi-Stakeholder Group (MSG) also agreed to include its report on the status of civic engagement in the annual country report.

The MSG—the body that governs EITI implementation in the country—is chaired by Finance Secretary Benjamin E. Diokno and composed of representatives from government, industry, and civil society.

The government began implementing the EITI in 2013 pursuant to Section 14 of Executive Order No. 79, s. 2012 and Executive Order No. 147, s. 2013 that created the PH-EITI.

“This meeting demonstrates the government’s continuing commitment to improve transparency and accountability in the extractive industries,” Magno said in a statement.

The MSG also discussed remaining initiatives for 2022, including the production of the FY 2021 PH-EITI Country Report, the 2022 National Conference, and a planned visit of EITI Chair and former New Zealand Prime Minister Helen Clark to the Philippines in November 2022.

The PH-EITI publishes independently reconciled data on oil, gas, coal, and mineral resources through an annual and comprehensive country report.

To date, the PH-EITI has produced seven country reports, reconciling over P362.5 billion in government revenues from extractive projects from 2012 to 2019.

Aside from disclosing extractives data to inform research and policy recommendations, the PH-EITI also provides space for multi-stakeholder participation in resource governance.

Last Sept. 9, the DOF announced that President Marcos rejoined the EITI, which was months after the previous administration withdrew the country's participation in June.

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