BW FILE PHOTO

THE Securities and Exchange Commission (SEC) said it and the Philippine Extractive Industries Transparency Initiative (PH-EITI) signed a data-sharing agreement to improve access to beneficial ownership information in the extractive industries.

According to a document circulated during the ceremonial signing at the Department of Finance (DoF) on Sept. 3, the agreement will allow PH-EITI to access corporate filings and ownership records held by the SEC through on-site, online, and off-site channels.

The initiative is expected to improve the investment climate, reduce reputational and financial risk in business relations and deter corruption and illicit financial flows.

The release of sensitive ownership details will remain subject to individual waivers, in compliance with the Data Privacy Act, the SEC said.

Among the signatories were Finance Undersecretary Bayani H. Agabin and SEC Commissioner Rogelio V. Quevedo.

Finance Secretary Ralph G. Recto serves as the chairman of the PH-EITI.

The Philippines joined EITI in 2013, joining over 50 implementing country members. — Aubrey Rose A. Inosante