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Business

Implementation of extractive industries initiative pushed

The Philippine Star

MANILA, Philippines - An environmental non-government organization is pushing for the implementation of the extractive industries transparency initiative (EITI) to accurately determine the actual tax revenues from mining projects based on certifiable data.

Lawyer Ysan Castillo, secretary general of Philippine Business Environment Stewardship, said the government should grant all stakeholders of mining a fair accounting on how much taxes were paid, collected and “most important to us citizens, how these taxes were spent.”

Castillo said they are monitoring the efforts of the EITI multi-stakeholder group who will be submitting its first report to the EITI international secretariat. This data from extractive industries will be very valuable to all stakeholders, he said.

According to Castillo, there will finally be reliable data for policy reforms that will address efficient resource management and revenue sharing that is equitable to the host communities and government.

“It would be prudent for our legislative leaders to consider the information from the EITI due to be submitted in December 2014,” said Castillo.

On other hand, Prof. Dindo Manhit, PBEST lead convenor, said the EITI is an important tool in resolving debates on several issues and is the accurate accounting we need to determine how we should be sharing the benefits of our rich natural resources.

“When everybody appreciates the value and potential benefits of efficiently managing our mineral resources more productive efforts can be directed towards sustainably developing industries that will provide the millions of jobs needed for the labor force,” he claimed.

Manhit added that host communities of extractive industries will know how much revenue from mining companies should be used for various development projects.

CASTILLO

DATA

DINDO MANHIT

EITI

EXTRACTIVE

GOVERNMENT

INDUSTRIES

LAWYER YSAN CASTILLO

MANHIT

PHILIPPINE BUSINESS ENVIRONMENT STEWARDSHIP

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