PH-EITI and SEC Sign Data Sharing Agreement to Enhance Beneficial Ownership Transparency in the Extractives Sector
Jollie Anne Las Piñas
Manila, Philippines | September 3, 2025
In the photo: DOF and SEC officials seal partnership through the ceremonial signing of the Data Sharing Agreement to strengthen transparency and governance in the extractive industries.
The Philippine Extractive Industries Transparency Initiative (PH‑EITI) and the Securities and Exchange Commission (SEC) formalized a Data Sharing Agreement (DSA) designed to enhance beneficial ownership transparency in the country’s extractive industries. The ceremonial signing was held at the Department of Finance and witnessed by officials from government, industry, and civil society.
The DSA aims to streamline PH‑EITI’s access to corporate information, including beneficial ownership data, by allowing on‑site, online, and off‑site access to relevant reportorial documents held by the SEC. However, the disclosure of sensitive details remains subject to the submission of waivers by the concerned individuals, in compliance with the Data Privacy Act. This safeguard balances the public’s right to information with the protection of personal data. The agreement underscores the government’s commitment to mainstreaming the EITI Standard, which calls for systematic disclosure of payments, contracts, and beneficial ownership data to strengthen public oversight.
In the photo: DOF and SEC officials seal partnership through the ceremonial signing of the Data Sharing Agreement to strengthen transparency and governance in the extractive industries.
A Milestone for Transparency
Undersecretary Bayani H. Agabin of the Department of Finance and the PH-EITI Focal Person signed on behalf of PH‑EITI. He noted that the agreement will help institutionalize transparency. “The Data Sharing Agreement between the SEC and PH‑EITI is more than a document; this is a practical upgrade to our country’s operating system for open governance. It helps turn company and beneficial ownership information into a public service that citizens can use, that investors can trust, and that communities can understand,” he said.
The DOF is leading efforts to mainstream EITI disclosures through web‑based systems and policy reforms that enable systematic publication of company payments, contract details, and beneficial ownership information.
In the photo: DOF Undersecretary Bayani H. Agabin underscores the importance of transparency and collaboration during the ceremonial signing of the Data Sharing Agreement with the SEC.
SEC Commissioner Rogelio V. Quevedo emphasized that the agreement allows the Commission to fulfill its supervisory mandate more effectively.
“This arrangement of data sharing with other governmental agencies is very important. And the SEC through its very much advanced ICTD is willing to share this information subject to compliance with data privacy laws. We are going to cooperate with the Department of Finance and even with the Department of Energy, and the Department of Environment and Natural Resources in the sharing of information so this agreement will pave the way for the seamless, secure and lawful exchange of beneficial ownership data, thereby reinforcing the government’s commitment to strictly adhere to the Financial Action Task Force International Standard, specifically Recommendation 24, which demands that competent authorities have direct access to beneficial ownership information for legal persons.” he said.
The SEC views the DSA as a model for responsible data sharing, in line with the principles of transparency, legitimate purpose, and proportionality.
In the photo: SEC Commissioner Rogelio Quevedo emphasizes the role of data sharing in strengthening transparency and accountability in the financial and extractive sectors.
Multi‑Stakeholder Collaboration
The PH‑EITI Multi‑Stakeholder Group (MSG) – composed of representatives from government agencies, civil society organizations, and extractive companies – was consulted during the drafting of the agreement.
Director Agustus Cesar Navarro of the Department of Energy and a member of the PH-EITI MSG welcomed the signing. “This is more than just a formality; we gather here not merely to sign a document but to affirm a collective breakthrough, one that reinforces our shared commitment to strengthening transparency, accountability, and collaboration,” he said.
Representing the industry sector, Atty. Ronald Rex S. Recidoro, Executive Director of the Chamber of Mines of the Philippines, described the DSA as a platform for continuous improvement. “From an industry perspective, this agreement brings three big advantages: it sets clear expectations for what we disclose; it ensures that all companies play by the same rules; and it opens the door for data‑driven improvements in the way we operate,” he said.
Recidoro also acknowledged that while the drafting was led by PH‑EITI, DOF, and SEC, industry representatives were consulted and kept informed throughout the process.
In the photo: PH-EITI MSG members (Asec. Agustus Cesar Navaro and Atty. Ronald Rex S. Recidoro) deliver their messages of support, highlighting the importance of inter-agency cooperation in advancing transparency and good governance
Key Features of the DSA
The Data Sharing Agreement includes provisions on:
- Data scope: Corporate information and beneficial ownership details for companies in the extractive sector
- Access and sharing: On‑site, online, and off‑site access to reportorial documents in SEC custody; the SEC may request intelligence data from PH‑EITI as needed.
- Privacy safeguards: Compliance with the Data Privacy Act and NPC Circular 2020‑03 guidelines that require DSAs to specify purpose, parties, duration, procedures, security measures and mechanisms for data subjects’ rights.
- Duration and termination: The agreement is valid for five years and may be renewed or terminated with prior notice.
About the Securities and Exchange Commission
The Securities and Exchange Commission (SEC) is the primary regulator of the corporate sector and the securities market in the Philippines. It collects and processes information on incorporators, directors, beneficial owners, and other stakeholders for regulatory purposes. Through the DSA, the SEC will share relevant data with PH‑EITI while upholding its responsibilities as a Personal Information Controller.
About PH‑EITI
The Philippine Extractive Industries Transparency Initiative (PH‑EITI) implements the global EITI Standard in the Philippines. It aims to make data on payments, taxes, royalties and contracts in the extractive sector publicly available, thereby improving transparency, accountability and public dialogue on resource governance. The PH‑EITI MSG – composed of government, industry, and civil society representatives – guides the initiative’s implementation.
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.