The Philippines is now an Extractive Industries Transparency Initiative (EITI) candidate country following the international board’s approval, a Palace official said on Wednesday.
In a press conference, Palace Deputy Spokesman Abigail Valte said that Secretary Elisea Gozun of the Presidential Assistant on Climate Change has informed the Palace that the Philippines’ candidacy was approved by the international board.
“We received word from Secretary Gozun today that the Philippines—that our candidacy for EITI has been approved by the board. So magandang balita po naman ’yan [So that is good news],” she said.
“And we would like to congratulate those who have formed the multi-stakeholder group that will be working on this. We congratulate them for their hard work,” Valte added.
Becoming part of the EITI will make the Philippines more transparent and accountable in the payment and collection of money in the country’s extractive industries.
Complying with EITI will make sure that companies engaged in extractive businesses pay the right taxes and revenues for the benefit of the people, Guzon said in a press conference in Malacañang in April.
Now that the Philippines becomes an EITI candidate, it is required to prepare a report which will be reconciled and validated by an international validator accredited by the international board, she noted.
In the first phase of its candidacy, the Philippines had to comply with four requirements.
Catherine S. Valente