Industry constituency deepens dialogue on beneficial ownership transparency at ETW 2025
By: Albert San Diego
Manila, Philippines | December 5, 2025
Beneficial ownership transparency took center stage during the afternoon session of Day 1 on November 25 of Extractives Transparency Week 2025, as industry representatives and government agencies gathered to assess how knowing “who owns what” can strengthen extractive governance. The discussion surfaced the growing recognition that BO disclosure is not only a regulatory requirement but a vital tool for combating corruption, improving oversight, and safeguarding the integrity of mining, oil, and gas operations.
In the photo: Atty. Daniel Luis Macalino of the SEC opens the session with an overview of the DOF–SEC Data Sharing Agreement (DSA).
The session opened with Atty. Daniel Luis Macalino of the Securities and Exchange Commission (SEC) who presented an overview of the DOF-SEC Data Sharing Agreement (DSA). He described the agreement as a significant step toward inter-agency coordination, providing government bodies with a unified mechanism for accessing and validating beneficial ownership information. By addressing long-standing data silos, the DSA improves oversight and strengthens the capacity of regulators to identify risks across extractive projects.
In the photo: Febe Lim of the DOF’s Fiscal Policy and Planning Office discusses the implications of Republic Act No. 12253, the Enhanced Mining Fiscal Regime.
This was followed by Febe Lim of the Department of Finance’s Fiscal Policy and Planning Office, who discussed the implications of Republic Act No. 12253, the Enhanced Mining Fiscal Regime. Lim emphasized that the law places transparency at the center of fiscal reform, embedding disclosure obligations that allow government and the public to better understand ownership patterns, revenue flows, and compliance performance of mining companies.
In the photo: Amiel De Guzman, PH-EITI’s Data Governance and Reporting Manager, presented how PH-EITI operationalizes beneficial ownership disclosure.
Amiel De Guzman, PH-EITI’s Data Governance and Reporting Manager, then outlined how PH-EITI operationalizes beneficial ownership disclosure. He described the work involved in maintaining public registers, conducting gap analyses, verifying identity information, and ensuring the reliability of BO data. He emphasized that BO transparency is anchored in EITI Requirement 2.5 and reinforced by the Philippines’ commitments to FATF, OGP, UNCAC, and SEC regulatory issuances.
International insights from Sarah Hayton and Alexander Malden of EITI International enriched the discussion by demonstrating how other countries have used BO transparency to reduce corruption risks and address conflicts of interest. Their presentation highlighted that understanding who ultimately owns and controls extractive companies supports a wide range of policy objectives, from improving tax administration to strengthening licensing processes and protecting community interests.
In the photo: Atty. Ronald Rex S. Recidoro, Executive Director of the Chamber of Mines of the Philippines, underscores the industry’s role in advancing beneficial ownership transparency.
The afternoon’s final presentation was delivered by Atty. Ronald Rex S. Recidoro, Executive Director of the Chamber of Mines of the Philippines. He emphasized that the industry’s role in BO transparency extends beyond submitting data. What matters, he noted, is how that information is used to identify red flags, detect politically exposed persons, protect companies from reputational harm, and build stronger public trust in the sector. He reiterated that transparency is central to responsible mining and essential for sustaining a social license to operate.
Across the session, participants reflected on the need for accurate and verified data, stronger coordination among agencies, and clear guidance to ensure consistent compliance. The discussions pointed to a shared understanding that BO transparency is not an isolated policy requirement but a foundational element of accountable extractive governance.
The session closed with a call to sustain collaboration as industry, government, and civil society move toward full implementation of BO disclosure obligations. With legal frameworks in place and inter-agency mechanisms strengthened, participants emphasized that the next phase will require practical support, continued dialogue, and collective commitment to ensure that beneficial ownership transparency becomes a working norm in the Philippine extractives sector.
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.
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In the photo: Atty. Daniel Luis Macalino of the SEC opens the session with an overview of the DOF–SEC Data Sharing Agreement (DSA).