News
PH-EITI advocates for beneficial ownership transparency with industry stakeholders
The Philippine Extractive Industries Transparency Initiative (PH-EITI) convened a forum on beneficial ownership (BO) transparency at the Department of Finance (DOF) on August 7, 2024. Titled “Beneficial Ownership Forum: Disclosure Requirements in the Philippines,” the event aimed to boost awareness and gather feedback to refine BO transparency practices within the mining, oil, and gas industries.
The forum featured insights from experts at Open Ownership (OO), the Securities and Exchange Commission (SEC), and EITI International, focusing on the implications and innovative approaches to BO transparency. PH-EITI also provided an update on the implementation status of BO transparency in the Philippines, particularly on the extractives sector.
Atty. Emily Manuel, OO’s Regional Manager for Asia Pacific, illustrated the business case for BO disclosure, citing international best practices and examples from the United States, Slovakia, and Ukraine. She emphasized the crucial role of BO transparency in combating corruption and fostering responsible business conduct.
Atty. Daniel Luis P. Macalino from the SEC’s Anti-Money Laundering Division elaborated on the SEC’s BO reporting process in the Philippines, explaining the distinction between legal and beneficial ownership with practical examples.
Sarah Hayton, Country Manager at the EITI International, discussed the 2023 EITI Standard and its application across the extractive industries, highlighting its role in creating a clean and fair operating and investment climate.
Nicole Hilario, PH-EITI’s Deputy Coordinator for Data Management and Reporting, reviewed the progress in PH-EITI’s BO reporting since 2016, outlining the reporting process, requirements, and recent updates. She expressed gratitude to companies that have fully complied with the PH-EITI’s beneficial ownership disclosure requirements.
The forum was attended by 81 participants, including 61 industry representatives from 38 companies, reflecting a strong commitment to enhancing transparency in the Philippines’ extractive sector.
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A government-led, multi-stakeholder initiative implementing EITI, the global standard that promotes the open, accountable management, and good governance of oil, gas, and mineral resources. PH-EITI was created on 26 November 2013 through EO No. 147, s. of 2013. It is a government commitment first announced through EO No. 79, s. of 2012.