The agreement will give regulators a clearer view of who really owns companies in the extractive sector, long criticized for secrecy and tax leaks.
“This agreement paves 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’s (FATF) international standards,” SEC Commissioner Rogelio V. Quevedo said in a statement on Tuesday.
Through the deal, the Philippine Extractive Industries Transparency Initiative (PH-EITI) under the DOF will gain direct access to SEC records, including beneficial ownership disclosures—identifying natural persons who ultimately control corporate decisions.
The move follows the Philippines’ exit from the FATF grey list earlier this year and aligns with global standards on transparency.
The SEC has already signed similar agreements with 23 other agencies to expand data access and improve compliance.
Companies are required to declare beneficial owners in their general information sheets, with penalties imposed for non-disclosure or false declarations.
The timing also ties in with the newly signed Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, which pushes for stricter governance and accountability in the industry.
—Edited by Miguel R. Camus
