The Philippines will host the 2026 Extractive Industries Transparency Initiative (EITI) Global Conference in Manila – the first held in Asia – signalling the country’s global leadership in the sector’s transparency and good governance, the Department of Finance (DOF) said.
DOF Secretary and PH-EITI Chairman Ralph Recto said on Monday that as the first country to lead the extractives industry gathering in the region, it showed a serious obligation for transparency, accountability and good governance in the industry.
“We are the first ever country to host this Global Conference in the region. And that alone sends a strong message that the Philippines is leading by example,” Recto said.
He also said the Philippines is not just implementing EITI’s principles, but is committed to “embedding good governance and sustainable resource management at the heart of our extractive industries.”
The EITI Global Conference will be held in Manila in June of next year. It is expected to convene thousands of stakeholders from governments, industry, civil society, and academia, DOF said.
It will focus on the future of natural resource governance and EITI’s strategic priorities. These include anti-corruption efforts, domestic resource mobilization, and responsible resource governance policies.
The DOF said the discussions will also center on new innovations in data use and transparency, and to tackle the extractive sector’s emerging issues and challenges.
EITI is the global standard for promoting open, accountable, and well-governed management of oil, gas, and mineral resources. The Philippines joined EITI in 2013. There are 50 implementing countries in the group.
Congress recently ratified the Enhanced Fiscal Regime for Large-Scale Mining Act which is a DOF-led reform to modernize the outdated tax structure. It ensures a fair government share in mining revenues, and strengthens environmental and investor safeguards, the DOF said.
“The reform simplifies the fiscal system and provides stability and predictability to investors, while supporting responsible and sustainable mineral development,” it added.
The PH-EITI which will convene next year’s assembly is composed of the Department of Environment and Natural Resources-Mines and Geosciences Bureau, Department of Energy, Department of the Interior and Local Government, and the Union of Local Authorities of the Philippines.
The extractive sector is represented by business groups Chamber of Mines of the Philippines and the Petroleum Association of the Philippines. The Bantay Kita-Publish What You Pay Philippines represents civil society.
