Extractive Industries Transparency Initiative launches new standards at Global Conference

Department of Finance (DOF) Undersecretary and Philippine Extractive Industries Transparency Initiative (PH-EITI) Chairperson Maria Cielo D. Magno led the PH-EITI delegation during the launch of the 2023 EITI Standard at the 2023 EITI Global Conference from June 12 to 15, 2023 in Dakar, Senegal.

Almost 1,400 participants from governments, companies, and civil society organizations attended the four-day event.

The 2023 EITI Standard sets forth several new and refined provisions on revenue collection, anti-corruption, and gender, social, and environmental impacts of the extractives sector.

It also includes energy transition as one of its requirements, recognizing the global shift to a low-carbon economy, as well as the importance of critical minerals production.

During the four-day event, Undersecretary Magno was also re-elected for another three (3) years in the EITI Board, representing the government constituency from Asia and the Pacific.

As a representative of the civil society constituency in the EITI Board for the past seven (7) years, Undersecretary Magno has pushed for more robust extractive governance standards on free, prior, and informed consent (FPIC), gender disaggregation of extractives data, social and environmental monitoring, company disclosure of greenhouse gas emissions, and beneficial ownership reporting, among others.

Aside from her re-election to the Board, Undersecretary Magno participated in three panel discussions on strategies and insights on critical minerals and the energy transition, social and environmental impact monitoring, and tax transparency.

She also delivered her closing remarks at the Leadership Forum, where global leaders from governments, companies, and civil society organizations have committed to strengthening transparency in implementing the EITI standards.

“I know that in the next 20 years, the principles of EITI––the spirit of shared leadership between government, civil society, and the private sector, open governance and accountability––will live on. These spirits that are mainstreamed, championed, adopted, owned, and innovated [by EITI’s implementing countries] will become the basis on how we will achieve our shared mission