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Mining sector accounts for 2.78% of Bicol GDP
The mining industry in the Bicol Region contributed a substantial 2.78 percent to the 2016 regional gross domestic product, according to the Philippine Extractive Industry Transparency Initiative. The Masbate Gold Project is a key member of the extractive industry in Bicol.
The EITI promotes transparency and good governance in the Philippines’ extractive sector. This is EITI’s third nationwide roadshow, aimed to reach 600 participating companies in 13 regions—namely Bicol, Davao, Cebu, among others, Manila Standard reported.
PH-EITI 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” . Specifically, the inspection team toured the MGP mine site in Aroroy, Masbate. MGP is made up two companies – Filminera Resources Corp. and Philippine Gold Processing and Refining Corp.
The EITI is a global standard that promotes transparency and accountability in the extractive sector. The Philippines committed to participate in the EITI through EO Nos 79 and 147, and Filminera is the only mining company in the Bicol Region that participates in the initiative since its implementation in the country.
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, according to EITI’s report, the mining industry’s contribution is relatively minimal.
The EITI encourages mining, oil and gas companies to disclose what they pay to the government