Published: June 11, 2014
An environmental NGO is pushing for the implementation of the Extractive Industries Transparency Initiative (EITI) to accurately determine the actual tax revenues from mining projects based on certifiable data.
According to Atty. Ysan Castillo, Secretary General of PBEST, applying the international standards of EITI should give government and all stakeholders of mining a fair accounting on how much taxes were paid, what government agencies collected these taxes and most important to us citizens, how these taxes were spent.
“We are monitoring the efforts of the PH-EITI Multi-stakeholder Group who will be submitting its first report to the EITI International Secretariat. This data from extractive industries will be very valuable to all stakeholders. There will finally be reliable data for policy reforms that will address efficient resource management and revenue sharing that is equitable to the host communities and government. It would be prudent for our legislative leaders to consider the information from the EITI due to be submitted in December 2014,” said Castillo.
PBEST Lead convenor Prof. Dindo Manhit said that PBEST sees the EITI as an important tool in resolving debates on the bottom line issue and is the accurate accounting we need to determine how we should be sharing the benefits of our rich natural resources. When everybody appreciates the value and potential benefits of efficiently managing our mineral resources more productive efforts can be directed towards sustainably developing industries that will provide the millions of jobs needed for the labor force.
Manhit added that host communities of extractive industries will know how much revenue from mining companies should be used for various development projects.
Benguet Representative Ronald Cosalan, whose province considers mining as one of its major industries filed House Bill 4327 to likewise push for the equitable access and fair sharing of the benefits of mineral resources.
The new policy being proposed in the new bill (Section 118) requires the publication of all mining revenues and using the standards of EITI. The bill has gone through first reading and has been referred to the Committee on Natural Resources.