The Philippines has joined an elite group of countries that follow strict reporting standards allowing for greater transparency in the mining industry’s operations.
As the 15th member of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO), the Philippine Mineral Reporting Code Committee (PMRCC) believes the country will stand out as a responsible and appealing destination for mining investments.
Formed in 1994, CRIRSCO is composed of organizations worldwide responsible for developing best practices for reporting mineral resources. “The combined value of mining companies listed on the stock exchanges of these countries accounts for more than 80 percent of the listed capital of the mining industry,” CRIRSCO’s website read.
Representing the Philippines, PMRCC joins other countries in CRIRSCO such as Australia, Canada, Chile, Europe, South Africa and the United States.
PMRCC is a national reporting organization responsible for maintaining guidelines that adhere to transparency, materiality and competence in order to protect the public, investors and other stakeholders. Its guidelines were developed for public reporting of companies listed in the Philippine Stock Exchange.
Transparency calls for reporting all pertinent information, materiality requires disclosing the factors influencing a company’s share price and profitability and competence mandates that those preparing public disclosure reports are qualified and willing to take personal responsibility for their work.
The PMRCC said the inclusion in CRIRSCO underscored that its set of guidelines for public reporting has the same level of detail and transparency as that of its global counterparts. “By aligning with internationally recognized reporting standards, we are strengthening the credibility and integrity of the Philippine minerals industry,” PMRCC chair Ciceron Angeles Jr. said.
The PMRCC said the adoption of CRIRSCO standards, which includes incorporating a sustainability clause involving the declaration of resources with reasonable potential for economic extraction, was expected to have a substantial impact on short- and medium-term planning in the mining sector.
“We will continue to monitor the effectiveness and relevance of the [Philippine guidelines], subjecting it to periodic reviews to ensure its continuous improvement,” Nickel Asia Corp. vice president Rolando Cruz said. Nickel Asia is one of the members of the PMRCC.