PH mining sector actually a good model for the world
It’s been a roller-coaster ride for the mining industry here, but it’s all good as far as this Norway-based group is concerned.
Government oversight on the Philippine mining sector is actually a good model for the world to follow, with the international board of the Extractive Industries Transparency Initiative (EITI) giving the country a “satisfactory” rating.
“The Philippines presents a dynamic case of EITI implementation, with its fast-paced and innovative multi-stakeholder group engaging in strategic discussions linking the EITI to national priorities for the extractive sector,” the Oslo-based group said in a statement released in October, following a validation process which started early this year.
In particular, EITI said there is trust in the Philippines despite many controversies which hounded the mining industry.
Finance Secretary Carlos Dominguez III said the EITI’s statement boosted confidence that the mining sector will be able to recover after some shocks earlier this year under former Environment Secretary Gina Lopez shut down mines.
“With the proper governance framework in place, the extractive industries may do what they do without causing harm,” Dominguez said in a statement.
With the commendation, the Philippines is now considered as the model for implementing policies for the mining, oil, and gas sectors in other countries.