PH-EITI makes strides in improving transparency and accountability of extractives sector, strengthens natural resource management

The Philippine Extractive Industries Transparency Initiative (PH-EITI), chaired by the Department of Finance (DOF), has made strides in improving the transparency and accountability of the Philippines’ extractives sector as well as continued strengthening of the government’s natural resource management.

“We have made substantial strides over the past decade. With eight country reports published covering nine fiscal years, and reconciling more than 405.4 billion pesos in government revenues, the PH-EITI has shone a spotlight on the financial flows from over one hundred extractive projects across the country,” Finance Secretary Benjamin E. Diokno said in a recorded message to the 2023 Fostering Open and Responsible Governance of the Extractives (FORGE) Philippines.

The PH-EITI is a multi-stakeholder group composed of representatives from the government, industry, and civil society organizations (CSOs) in the country. The group implements the EITI, which is the global standard that promotes the open, accountable management, and good governance of oil, gas, and mineral resources.

FORGE is PH-EITI’s annual National Conference that allows stakeholders to raise concerns and share insights on matters affecting extractives and natural resource governance.

The CSOs, extractive industry firms, and various government agencies convened at SEDA Manila Bay from November 28 to 30 for the 2023 Extractives Transparency Week (ETW), which marked a critical dialogue on effective natural resource governance in the Philippines. The event coincides with the 10th anniversary of the PH-EITI.

According to Secretary Diokno, the Philippines’ move to align itself with global EITI standards has played a crucial role in strengthening the confidence of citizens in the government’s management of natural wealth.

“It has empowered citizens, civil society, and government entities to engage in informed dialogues about the industry’s operations and contributions to society. By opening up data to public scrutiny, the PH-EITI has driven reforms that have reshaped our extractive governance,” he said.

Apart from improving public understanding of the management of natural resources and increasing the