The Department of Environment and Natural Resources (DENR) eyes the reentry of the Philippines to the Extractive Industries Transparency Initiative (EITI).
EITI is a global standard for transparency and accountability in the oil, gas and mining sectors which also produces extractive data to inform research and policy recommendations.
The Philippines has withdrawn from the EITI in the last administration, citing questionable metrics and procedures for assessing the compliance of implementing-countries with the international organization’s transparency requirements.
DENR Undersecretary Jonas Leones said on the sidelines of a multi-stakeholder forum in Manila on Wednesday Secretary Antonia Yulo-Loyzaga mentioned in her appearance before the Commission on Appointments (CA) the possibility of joining EITI as the latter can help in monitoring compliance and income of extractive industries in the country.
“The secretary is open and again wants to review the basis of our withdrawal. She wants to check it again as it may be for the better… during the CA confirmation, majority of the senators and congressmen also agreed that we should rejoin the EITI,” Leones said.
Last month, the Philippine EITI convened its first multi-stakeholder group meeting under the Marcos administration.
To date, the has produced seven country reports, reconciling over P362.5 billion in government revenues from extractive projects from 2012 to 2019. -Jed Macapagal
