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SEC, DoF sign data-sharing deal to boost transparency in extractive industries
The Securities and Exchange Commission (SEC) and the Department of Finance (DOF) have signed a data-sharing agreement to combat corruption, tax evasion, and illicit financial flows in the extractive sector.
This partnership will grant the Philippine Extractive Industries Transparency Initiative (PH-EITI) access to corporate beneficial ownership information held by the SEC.
PH-EITI, a DOF-led body, works to ensure transparent governance in the country's oil, gas, and mineral resource industries.
The agreement aligns with the Financial Action Task Force's (FATF) international standards for beneficial ownership disclosure.
Beneficial owners are the natural persons who ultimately control a corporation, regardless of whether they are the legal owners.
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