A data-sharing pact between Securities and Exchange Commission (SEC) and the Department of Finance (DOF) is officially in effect, giving the Philippine Extractive Industries Transparency Initiative (PH-EITI) access to monitor corporate ownership information to strengthen transparency monitoring in the extractive industries, including mining, Bilyonaryo reports.Â
Under the signed agreement, the SEC will provide PH-EITI with corporate data that identifies beneficial owners–individuals who control or benefit from a company.
“This agreement paves the way for the seamless, secure, and lawful exchange of beneficial ownership data, reinforcing the government’s commitment to adhere to the Financial Action Task Force’s international standards,†SEC commissioner Rogelio V. Quevedo said during the signing.
The SEC-DOF pact supports the newly signed Enhanced Fiscal Regime for Large-Scale Mining Act or the Republic Act No. 12253. The law established a new tax and royalty system aimed at modernizing the country’s mining industry.
Under the SEC Memorandum Circular No. 15, Series of 2019, corporations are required to declare their beneficial owners in annual reports. Non-compliance carries penalties under SEC Memorandum Circular No. 10, Series of 2022. The agreement will make such declarations more accessible to regulators monitoring extractive sector activities.
“The SEC stands ready and fully committed to advancing these goals in partnership with the DOF, PH-EITI, and other stakeholders,†Quevedo said. “Collectively, we can transform this DSA from a legal instrument into a powerful tool for good governance, public trust, and sustainable development.â€
The signing comes after the Philippines was removed from the Financial Action Task (FATF) grey list earlier this year.
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