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Participation in the Philippine Extractive Industry Transparency Initiative

The Company is a strong supporter of the Philippine Extractive Industry Transparency Initiative (Ph-EITI). Ph-EITI was established in 2012 following the issuance of Executive Order No. 79 which contains the government’s unequivocal public statement of its intention to implement EITI. The Company’s CEO is a member of the Ph-EITI Multi-stakeholder group, the governing body for EITI implementation in the country comprised of representatives from the government, the business, and the civil society organizations.

Following the Ph-EITI directive, our operating companies submitted to the Independent Administrator of the Ph-EITI the material tax payments, social contributions, and environmental funds and disbursements for the years 2012 to 2014.

The following graph illustrates the total taxes and fees paid by the Company for the years 2014 to 2016, with the breakdown of material payments for EITI reporting and for others not included in EITI reporting for 2014: