‘Extractive industries’ players becoming more open – PH-EITI

Companies in the so-called “extractive industries” are now becoming open for government and public scrutiny, demonstrating their willingness in combating corruption amid calls for transparency and accountability.

According to the Philippine Extractive Industries Transparency Initiative (PH-EITI), more companies engaged in the oil, gas and mining sector are opening their books as participating extractive companies increased to 97 percent last year from 95 percent in 2014.

However, PH-EITI noted that the country’s biggest and lone coal material company—Consunji- owned Semirara Mining and Power Corp. (SMPC)—continued to decline to report the benefits it receives from country’s natural resources.

EITI is a global standard of transparency that requires oil and gas, and mining companies to publish what they pay to the government, and the government to publish what they collect from these companies.

It also requires all metallic mining, oil and gas companies to submit their respective records of payment to the government, particularly the “material companies” such as SMPC, whose net sales exceed P1 billion.

Other material mining companies that did not participate in PH-EITI are CTP Construction and Mining Corp., Ctinickel Mines and Development Corp., and SR Languyan.

On the other hand, 29 non-material companies were also asked to submit reports to PH-EITI, but only 12 complied.

They are Shenzhou Mining Group Corpo., Norweah Metals and Minerals Co., Oriental Synergy Mining Corp., Wellex Mining Corp., Century Peak Corp., Zambales Diversified Metals Corp., Berong Nickel Corp., Mt. Sinai Mining Exploration and Development Corp., Cambayas Mining Corp., Investwell Resources, Inc., and Strong Built (Mining) Development.

Other non-material companies under oil and gas companies which did not submit to the PH EITI process are: Nido Petroleum Phils. Pty. Ltd., The Philodrill Corp., Alcorn Gold Resources Corp., TransAsia Oil & Energy Devt. Corp., Oriental Petroleum & Minerals Corp., and Forum Energy Philippines Corp.

PH-EITI, meanwhile, saw a drastic decrease in the figures of unreconciled accounts or discrepancies between what the companies paid and what the government received.