Mining firms yesterday raised potential data privacy concerns as the PHP 170 billion mining sector faces new government rules on ownership monitoring, Philstar reports.
“Our concern really is on data privacy and publication of sensitive personal information,” Chamber of Mines of the Philippines (COMP) executive director Ronald Recidoro said.
On September 3, a data-sharing agreement 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.
COMP said the industry supports compliance with the agreement, but remains cautious about how sensitive data will be collected and disclosed.
“We are already working closely with SEC and PH-EITI on resolving these issues,” Recidoro said, adding that the industry is working to ensure beneficial ownership transparency reporting upholds data privacy rights and delivers accurate, timely disclosures.
The Mines and Geosciences Bureau (MGB) reported that the mining industry contributed PHP 170.3 billion to the economy in 2023, equal to 0.7% of GDP. Minerals also represented 9.6% of Philippine exports, while government revenues from the sector reached PHP 48.8 billion in taxes, fees, and royalties.
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.
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