Philippines pushes for more transparency in extractive industries

MANILA, Philippines (Xinhua) - The government is pushing for greater transparency and accountability in the payment and collection of revenues in the country's extractive industries, a senior government official said today.

Secretary Elisea Gozun, the presidential assistant on Climate Change, said the country is currently working to comply with the Extractive Industries Transparency Initiative (EITI) to make sure that companies engaged in extractive businesses pay the right taxes and revenues for the benefit of the people.

She said that the government, along with the Chamber of Mines of the Philippines, and Bantay Kita, a non-government organization, has formed an interim multi-stakeholder group that will steer all the necessary activities leading to the Philippines' filing of an application for EITI Candidacy.

"We hope that this (participating in EITI) will lead to improvements to tax collection processes, as well as enhance the thrust and stability in the extractive industries," she said.

EITI, launched by former British Prime Minister Tony Blair in 2002 at the World Summit for Sustainable Development, is an international multi-stakeholder group that sets standards for transparency in extractive industry payments and receipts.

It aims to strengthen governance by improving transparency and accountability in extractive industries.

The first EITI international board was established in October 2006. Currently, there are 37 countries participating in the EITI, 20 of which are already compliant, and 17 are candidates.