Global standard affirmed for extractive sector

The Philippine Extractive Industries Transparency Initiative convened its first Multi-Stakeholder Group meeting under the Marcos administration last Friday, two weeks after the country reaffirmed its commitment to implement the EITI.

EITI is the global standard for transparency and accountability in the oil, gas, and mining sectors.

The MSG — the body governing EITI implementation in the country — is chaired by the Department of Finance; it is comprised of representatives from government, industry, and civil society.

The government began implementing the EITI in 2013 pursuant to Section 14 of Executive Order 79, s. 2012 and Executive Order 147, s. 2013 that created the PH-EITI.

Transparency ensured

“This meeting demonstrates the government’s continuing commitment to improving transparency and accountability in the extractive industries,” said Finance Undersecretary and PH-EITI Focal Person and Chair Cielo Magno.

To improve resource governance, the MSG agreed to strengthen spaces for multi-stakeholder participation and advocate for more spaces along the extractive industry value chain. The group also agreed to include an MSG report on the status of civic engagement in the annual country report.

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 during the period 2012 to 2019.

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

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