• Register
Return to: Home > News > Standards > Philippines becomes the first country to meet all EITI standard requirements

Philippines becomes the first country to meet all EITI standard requirements

The Philippines has become the first country to meet all of the requirements of the Extractive Industries Transparency Initiative (EITI) standard, which promotes transparent and accountable management of oil, gas and mineral resources.

The EITI 2016 Standard requires detailed disclosure of tax payments, licenses, contracts, production figures and the role of national oil companies.  The Philippines has gone beyond the requirements by disclosing information on the legal and fiscal framework, contracts, revenue management, revenue expenditure and social expenditures.

EITI chair and former Swedish prime minister Fredrik Reinfeldt said: “Meeting all the EITI requirements does not mean that the EITI is issuing a clean bill of health. But it is a milestone for the EITI and, more importantly, a significant achievement for all the stakeholders in the Philippines that have supported EITI implementation. I urge them to continue to ensure progress, particularly in the coal sector where further work is needed to ensure full transparency.”

Top Content

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    FASB: a quest for simpler standards

    FASB chair Russell Golden addressed the IMA 2019 Annual Conference and Expo at the Sheraton San Diego Hotel and Marina, California, on 18 June. IMA immediate former chair-emeritus Alex Eng acted as moderator. Joe Pickard reports.

    read more

    The future of audit, and how to get there

    Two recent reports peer into the future of the audit profession. One analyses what an audit should offer, while the other looks at how the audit process will be carried out. Robin Amlôt takes a closer look at both.

    read more

    EFAA elects new president, focuses on digital future

    EFAA’s new president, Salvador Marin, outlined his key priorities for the next two years at the organisation’s 2019 annual general meeting, while outgoing president Bodo Richardt offered advice. Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.