Finance Secretary Dominguez calls for transparency in mining industry
Dominguez calls for full transparency in extractives sector; remains silent on small-scale mining
MANILA – It is expected for extractive industries to be fully transparent to build public trust and enable policymakers and stakeholders to better assess their costs and benefits to the economy according to fair and accurate information.
Finance Secretary Carlos Dominguez III said transparency ensures the free flow of accurate data in the extractives industries as it allows better coordination, the implementation of appropriate interventions, and greater agility in responding during times of crises.
In a statement, the Department of Finance said the extractive industries’ contribution to the country’s economic resilience during this pandemic is too important not to recognize. Secretary Dominguez said the government will continue to depend on this sector and provide the needed revenues, create jobs, and drive economic growth at the same time coming up with a delicate balance between economic development and environmental stewardship. He added regulations governing this sector need to ensure the delicate balance to realize the best outcomes for the Filipino people.
“The most important value we need to uphold at all times is transparency. Without this, there will be constant suspicion and all sorts of unfounded claims. With full transparency, we can better assess the costs and benefits of the extractive industries. Increased accountability will improve governance of the sector and management of natural resources. This will serve both the sector’s and communities’ best interests,” Dominguez said at the opening of the 8th National Conference of the Philippine Extractive Industries Transparency Initiative (EITI).
The conference, done virtually, served as the public launch of the 7th EITI Report, which includes the results of continuing efforts to promote transparency and accountability in the extractives sector, composed of oil, gas, coal and mining industries.
The Mines and Geosciences Bureau reported that the country’s metallic mineral production value had a 14.11% gain from the P25.34 billion in Q1 2020 to P28.91 billion in Q1 2021 for a P3.58 billion hike.
The average price of the yellow metal was up by 14% or US217 from US$1,584.87 per troy ounce to US$1,801.86 per troy ounce year-on-year. (Melo M. Acuña)