Economy


PHL’s EITI bid frozen amid review of entry procedures




Posted on October 12, 2015


THE PHILIPPINE application to join the Extractive Industries Transparency Initiative (EITI) is on hold after the international movement reviewed its rules for validating candidates.

Lawyer Marie Gay Alessandra V. Ordenes, National Coordinator the Philippine-Extractive Industries Transparency Initiative (PH-EITI), said the validation process is under review by the initiative’s international board.

“We have until July 2016 to start the validation process we’re on a wait and see mode on... developments in the international board,” Ms. Ordenes said in a chance interview last week.

“If the rules are changed, our timeline might also move,” she added.

In its Web site, the EITI said it is currently analyzing the validation process in a bid to improve the system.

“While the current validation system has served the EITI relatively well in the past, some stakeholders are concerned that the validation process is no longer fit for purpose as the EITI continues to expand both in membership and in scope,” it said.

The PH-EITI was formed through President Benigno S. C. Aquino III’s Executive Order (EO) no. 147. The EO created the PH-EITI multi-stakeholder group which is mandated to complete the country’s requirements for its candidacy under the initiative.

The Philippine candidacy was approved in May 2013 and it is required to start disclosing payments from its extractive sector and meet all the requirements under the standard to become EITI-compliant.

EITI countries require firms in the extractive industries to report all taxes, fees and royalties they paid the government while the latter will disclose the amounts it receives. -- Mikhail Franz E. Flores