Ginalingan! PH zooms past global standards on mining, oil extraction
The Philippines has made such great leaps that it went beyond the expectations of this global review board.
The Philippines is the first-ever country to achieve a “substantial” progress under the 2016 Extractive Industries Transparency Initiative (EITI) standard, but it turns out that it even surpassed the requirements in nine areas set by the Norway-based group.
Specifically, the country scored gold on these components on the scorecard: the multi-stakeholder group’s oversight of the EITI process; work plan; legal framework; policy on contract disclosure; revenue management and expenditures; social expenditures; public debate; follow-up on recommendations; and outcomes and impact of implementation.
On top of this, the Philippines was rated with “satisfactory” progress on 18 other requirements.
The findings are valid until October 2020 when a fresh review is scheduled.