MANILA: In a bid to intensify government efforts to ensure greater transparency and accountability in the mining sector, President Aquino has signed Executive Order 147 creating the Philippine Extractive Industries Transparency Initiative (PH-EITI).
In a statement, Executive Secretary Paquito Ochoa Jr said yesterday the PH-EITI aims to make the Philippines “compliant” in the extractive industries.
Established in 2003, the EITI is a global coalition of governments, companies and civil society collaborating to improve honest and responsible management of revenues from natural resources, particularly oil, gas, metals and minerals.
“Joining the EITI is among the Aquino administration’s measures to ensure greater transparency and accountability in the mining sector, including the way the government collects as well as in the way the companies pay takes from mining,” Ochoa said.
“Measures and activities geared towards Philippines compliance with the requirements to join EITI should be given full support in order to improve the mining sector and spawn better governance and regulation of the industry,” he added.
Under EO 147, the PH-EITI will be implemented and be made operational through a multi-stakeholder group and decision-making body to be known as PH-EITI-MSG.
The secretary of the Department of Finance (DOF) will head the body with five government representatives chosen by the Mining Industry Coordinating Council, five business group representatives and five civil society organisation representatives as members. All members will serve for a term of three years.
The Philippine star
