PH-EITI releases annual reporting template

The Philippine Extractive Industries Transparency Initiative (PH-EITI) held its 14th Mutli-Stakeholder Group (MSG) meeting last June 5 at the Department of Finance (DOF) in Manila, Philippines.

Acting Chair Engr. Romualdo Aguilos from the Mines and Geosciences Bureau of the Department of Environment and Natural Resources (MGB-DENR) convened 27 attendees from different stakeholders including the government, the academe, mining companies, and civil society organizations (CSOs).

The MSG approved the content of the first EITI report, finalized the reporting template and approved the data collection and reconciliation procedure.

Some of the key topics that were discussed were the finalization of the reporting template and the approval of data collection and reconciliation procedure.
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The following outlines the reporting template for the PH-EITI report:

The data collection process will involve walking through of the different financial closing processes of the different entities, as well as government agencies, identifying how they came up with the data and how they are able to supply the information.
The independent administrator (IA), Isla Lipana and Co. (a member of Price Waterhouse Coopers Philippines), will be conducting the actual validation and reconciliation as soon as they receive the completed reporting templates. After which, the IA will summarize the more common variances as well as attempt to explain discrepancies, if any, for the final reporting.