Finance Secretary Carlos Dominguez Iii File Photo Manila The Philippines Has Withdrawn From Extractive Industries Transparency Initiative Eiti On Back Of Questionable Metrics And Procedures For Assessing Compliance Implementing Countries With International Organization 39s Requirements Ina June 20 News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Finance Secretary Carlos Dominguez III (File photo) MANILA - The Philippines has withdrawn from the Extractive Industries Transparency Initiative (EITI) on the back of questionable metrics and procedures for assessing the compliance of implementing-countries with the international organization's transparency requirements. In a June 20, 2022 letter addressed to EITI chairman and former New Zealand prime minister Helen Clark, Finance Secretary Carlos Dominguez III called EITI's Validation -a quality assurance assessment process- "subjective, biased and unfair." "We find that the manner by which the EITI Board undertakes its validation is unduly subjective, biased and unfair. The Philippines has no confidence in the ability of the EITI to undertake an impartial, transparent, and evidence-based validation process," Dominguez said. The Department of Finance (DOF) chairs the Philippine Extractive Industries Transparency Initiative (PH-EITI), a multi-stakeholder bo

New zealandHelen clarkDepartment of financeExtractive industries transparency initiativePhilippine extractive industries transparency initiativeFinance secretary carlos dominguezFinance secretary carlos dominguez iii file photo manila the philippines has withdrawn from extractive industries transparency initiative eiti on back of questionable metrics and procedures for assessing compliance implementing countries with international organization 39s requirements ina june 20022 letter addressed to eiti chairman and former new zealand prime minister helen clarkInance secretary carlos dominguez iii called eiti 39s validationa quality assurance assessment process quot subjectiveIased and unfair quot we find that the manner by which eiti board undertakes its validation is unduly subjectiveIased and unfair the philippines has no confidence in ability of eiti to undertake an impartialNd evidence based validation processUot dominguez said the department of finance dof chairs philippine extractive industries transparency initiative ph eitiA multi stakeholder body that governs the implementation of eiti in philippines prescribesa standard for transparency and accountability miningIl and gas industries extractive companies in implementing countries are engaged to publicly disclose data on taxesOyalties and other payments they make to the government their host communities in his letter