The Philippine Extractive Industries Transparency Initiative (PH-EITI) and the Securities and Exchange Commission (SEC) have formalized a Data Sharing Agreement (DSA) aimed at enhancing beneficial ownership transparency in the country’s extractive industries.
The ceremonial signing, held at the Department of Finance (DOF), was witnessed by officials from government, industry and civil society.
The agreement will allow PH-EITI to access corporate information, including beneficial ownership data, through on-site, online and off-site access to reportorial documents held by the SEC. Sensitive details will remain protected by requiring the submission of waivers by concerned individuals, in line with the Data Privacy Act. Officials said this safeguard balances the public’s right to information with the protection of personal data.
Undersecretary Bayani H. Agabin of the DOF, who also serves as the PH-EITI focal person, signed on behalf of PH-EITI. He said the agreement would help institutionalize transparency.
“The Data Sharing Agreement between the SEC and PH-EITI is more than a document; this is a practical upgrade to our country’s operating system for open governance. It helps turn company and beneficial ownership information into a public service that citizens can use, that investors can trust, and that communities can understand,” Agabin said.
The DOF has been leading efforts to mainstream EITI disclosures through web-based systems and policy reforms that allow systematic publication of company payments, contract details and ownership information.
SEC Commissioner Rogelio V. Quevedo stressed that the partnership enables the Commission to better carry out its mandate.
“This arrangement of data sharing with other governmental agencies is very important. And the SEC through its very much advanced ICTD is willing to share this information subject to compliance with data privacy laws. We are going to cooperate with the Department of Finance and even with the Department of Energy, and the Department of Environment and Natural Resources in the sharing of information so this agreement will pave the way for the seamless, secure and lawful exchange of beneficial ownership data, thereby reinforcing the government’s commitment to strictly adhere to the Financial Action Task Force International Standard, specifically Recommendation 24, which demands that competent authorities have direct access to beneficial ownership information for legal persons,” Quevedo said.
The SEC views the DSA as a model for responsible data sharing, anchored on transparency, legitimate purpose and proportionality.
Key Features of the DSA
The Data Sharing Agreement includes provisions on:
- Data scope: Corporate information and beneficial ownership details for companies in the extractive sector
- Access and sharing: On‑site, online, and off‑site access to reportorial documents in SEC custody; the SEC may request intelligence data from PH‑EITI as needed.
- Privacy safeguards: Compliance with the Data Privacy Act and NPC Circular 2020‑03 guidelines that require DSAs to specify purpose, parties, duration, procedures, security measures and mechanisms for data subjects’ rights.
- Duration and termination: The agreement is valid for five years and may be renewed or terminated with prior notice.
The PH-EITI Multi-Stakeholder Group (MSG) — which includes representatives from government, civil society and extractive companies — was consulted during the drafting.
Director Agustus Cesar Navarro of the Department of Energy, a member of the MSG, welcomed the signing. “This is more than just a formality; we gather here not merely to sign a document but to affirm a collective breakthrough, one that reinforces our shared commitment to strengthening transparency, accountability, and collaboration,” he said.
Atty. Ronald Rex S. Recidoro, executive director of the Chamber of Mines of the Philippines, described the agreement as a platform for continuous improvement.
“From an industry perspective, this agreement brings three big advantages: it sets clear expectations for what we disclose; it ensures that all companies play by the same rules; and it opens the door for data-driven improvements in the way we operate,” Recidoro said.
He noted that while the drafting was led by PH-EITI, DOF and SEC, industry stakeholders were consulted throughout the process.
The agreement will be valid for five years and may be renewed or terminated with prior notice. It also outlines provisions on data scope, privacy safeguards, inter-agency access and standardized procedures, in compliance with the Data Privacy Act and National Privacy Commission guidelines.
