Villanueva wants beneficial ownership registry for PH mining firms

Senator Joel Villanueva. PHOTO FROM JOEL VILLANUEVA FACEBOOK PAGE

Senator Joel Villanueva has filed a resolution asking the Senate committee on public information to launch an inquiry into the disclosure of beneficial ownership of mining companies operating in the country.

Under Senate Resolution No. 612, Villanueva urged the Senate committee on public information and mass media, chaired by Senator Grace Poe, to probe beneficial owners of extractive companies which include mining, oil, and gas.

This was to ensure that Filipinos are really the ones benefitting from the extraction of these resources, the senator said.

“Through a beneficial ownership registry, our country’s extractive industry is poised to build trust, ensure accountability, improve investment climate, enhance revenue collection, and prevent corruption and illicit financial flows,” Villanueva said in a statement on Friday.

Citing the case of Rappler, whose license was revoked over foreign equity restriction issues, Villanueva suggested the disclosure of beneficial ownership of mining, oil, and gas companies which also have ownership restrictions under the law.

“Disclosure of beneficial ownership of extractive companies operating in the country will peel off corporate layers to allow the examination of ownership among firms, understand the influence of companies or individuals, prevent corruption, and eventually create a level playing field among investors in accordance to our laws,” Villanueva said.    / muf