The Aquino administration is taking steps to ensure that profits generated by mining companies translate into state revenues and that mining benefits trickle down to the general public, Executive Secretary Paquito N. Ochoa Jr. said on Wednesday.
In a speech at the Mining Philippines 2011 Conference and Exhibition held in Pasay City, Ochoa revealed the country’s intention to apply for compliance status with the London-based Extractive Industry Transparency Initiative (EITI) to help achieve the much-needed reforms in the mining industry.
EITI is a global initiative that requires participating governments to publicly report the revenues they receive from extractive industry companies and for those companies to publicly report the revenues they pay to government. This mechanism allows more transparency in revenue reporting.
Tags: mining industry, state revenues