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Article

9 Feb 2015

Author:
Interaksyon (Philippines)

Philippines: Maiden EITI country report launched; legislation to make company reporting mandatory being mulled

“Legislation mulled to adopt global standard on tax disclosure in mining, oil industries”, 4 February 2015

…The Philippine Extractive Industry Transparency Initiative (PH-EITI)…launched the maiden country report on how much revenue the government earns from the oil and mining industries, how much these industries remit to the government, and how much host-communities gain from these businesses…“Transparency fosters an active citizenship alert to potential corruption and inequity. EITI, if properly done, can arm the citizenry with information that promotes fairness in resource use for all Filipinos,” said Dr. Cielo Magno, national coordinator of Bantay Kita, a coalition of CSOs pushing for transparency and accountability in the extractive industry…Finance Undersecretary Teresa Habitan said PH-EITI will soon push for legislation that would institutionalize the reporting process…