Accountability in exploitation of extractive resources

Over 3.5 billion people—or half of the world’s population—live in countries that are rich in extractive resources such as oil, gas, and minerals. Yet, too often, the benefits from this wealth do not go to support the development of the country and thus do not work to the advantage of the average citizens. Extractive resources are inherently challenging for governments to manage effectively, transparently, and inclusively.

On May 22, I was pleased to see the Philippines became a candidate member at the latest Extractive Industries Transparency Initiative (EITI) Global Conference held in Sydney, Australia. EITI is a voluntary international system through which governments reaffirm their commitment to accountability and transparency for their country’s oil, gas, and mining industries. By working together, the government, private sector, and civil society are achieving broader agreement on higher standards for the extractive industry.