Phl cited for best mining mngm’t practices

MANILA, Philippines -  The Philippines has received citations for adopting best practices and global standards on the management of extractive industries, including mining, and oil and gas companies, the Department of Finance (DOF) said yesterday.

In a statement, Finance Assistant Secretary Paola Alvarez said the Philippines was repeatedly cited for its “exemplary” performance in the implementation of the Extractive Industries Transparency Initiative EITI during its 37th board meeting in Oslo, Norway.

The EITI is a global standard to promote the open and accountable management of oil, gas and mineral resources.

“The Philippines is currently undergoing validation under the EITI, a process that started in January 2017 this year. Our country has received good feedback from the mission team, and is poised to possibly become the first country to be found compliant under the 2016 EITI Standard,” Alvarez said.

During validation, EITI’s implementation committee reviews each country’s progress against the EITI requirements, analyzes the impact, and makes recommendations to strengthen the process and improve the governance of extractive industries.