The UK Government has provided a financial grant to the Philippines to improve accountability and transparency in the mining sector.

The £100,000 grant will assist the country to comply with the extractive industries transparency initiative (EITI).

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EITI is a global coalition of governments, companies and civil societies working together to improve openness and accountable management of revenues from natural resources.

The UK Government, through the British Embassy in Manila, has signed a memorandum of understanding (MoU) with Bantay Kita, a civil society representative in the Philippine-EITI multi-stakeholder group, to formalise the grant.

"The UK Government is supporting the Philippine initiative to manage mining resources, to curb corruption and encourage equitable growth." 

British Ambassador Asif Ahmad was quoted by GMA Network as saying that the UK Government is supporting the Philippine initiative to manage mining resources, to curb corruption and encourage equitable growth in the mining industry.

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"The Philippines has a wealth of natural resources and the sustainable extraction of these precious materials can really make a difference in the country’s economy," Ahmad said.

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Bantay Kita national coordinator Cielo Magno said: "Our mineral sector contribution is still very small. Even before we get there, extracting our mineral potential, we will already have EITI membership in place."

EITI was launched in September 2002 by UK Prime Minister Tony Blair at the World Summit on Sustainable Development in Johannesburg, South Africa.

Anglo American, Centerra Gold, Glencore Xstrata, BHP Billiton, Barrick Gold, Avocet Mining are some of the stakeholders in the EITI.

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