Legal framework eyed to support transparency initiatives

The multi-stakeholder group that oversees the country's compliance of the Extractive Industries Transparency Initiative (EITI) — a global standard of governance for oil, gas, and mineral resources — has been urged to push for a legal framework that should support the country's resource management efforts.

This, as the Philippines became the first country to meet all the requirements of the EITI Standard.

The standards requires countries to publish timely and accurate information on key aspects of their natural resource management, including how licenses are allocated, how much tax and social contributions companies are paying and where this money ends up in the government at the national and regional level.

Bantay Kita (BK), a nationwide coalition of organizations that advocates for transparency and accountability in the extractive industry, has lauded this development but also urged the government and the private sector to continuously work in order to keep the same level of resource management in the country.

Then the group said the transparency initiative should be backed by a concrete legal framework. "[As what the Union of Local Authorities of the Philippines said] EITI has opened an avenue for stakeholders to participate in policy proposals formulation and to keep track of government's progress in implementing reforms," BK said in a statement.

"However, the reconciliation and transparency initiative of EITI, as proven effective in improving government systems on extractive industries, should be institutionalized and supported by a concrete legal framework that Congress may enact the soonest possible," it added.

The International EITI Board will revalidate the Philippines’ status in three years, or in October 2020.

On Wednesday , the Philippines hosted the 38th International Extractive Industries Transparency Initiative (EITI) Board Meeting.