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.
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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.”
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By GlobalData
