Bicol mining sector contributes 2.78% to regional GDP–PH-EITI

The mining industry in the Bicol region contributed a substantial 2.78 percent to the 2016 regional gross domestic product (GDP), according to the Philippine Extractive Industry Transparency Initiative (PH-EITI).

PH-EITI delegates conducted an inspection tour of Masbate as part of its Roadshow 2018, with the theme “Moving Beyond Transparency: Integrating Extractives Disclosure and Dialogue in Local Development.”

The inspection team toured Masbate Gold Project’s mine site in Aroroy, Masbate. MGP, a key member of the extractive industry in Bicol, is made up two companies—Filminera Resources Corp. and Philppine Gold Processing and Refining Corp.

Filminera is the only mining company in the Bicol region that participates in the initiative since its implementation in the country.

PH-EITI executives held their third nationwide road show, aimed to reach 600 participating companies in 13 regions—including Bicol, Davao, Cebu, among others.

The EITI is a global standard that promotes transparency and accountability in the extractive sector. The Philippines committed to participate in the EITI through Executive Orders 79 and 147.

The EITI promotes transparency and good governance in the Philippines’s extractive sector.

In its recent report, EITI said that the contribution of the mining industry at the regional level can be considerable at 2.78 percent of Bicol’s regional GDP. At  the national level, the mining industry’s contribution is relatively minimal.

The EITI encourages mining, oil and gas companies to disclose what they pay to the government.

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