Mining firms raise privacy concerns over new ownership monitoring rules

Mining firms yesterday flagged potential privacy risks in the government's new ownership monitoring deal, signaling wariness from an industry worth a little over P170 billion in value.

- By ALDEN MONZON

Chamber of Mines of the Philippines (COMP) executive director Ronald Recidoro told The STAR that while the industry supports compliance with the agreement between the Department of Finance (DOF) and the Securities and Exchange Commission (SEC), it remains wary of how the deal could affect the handling and publication of sensitive personal data.

“Our concern really is on data privacy and publication of sensitive personal information,” Recidoro said.

The DOF and the SEC signed the agreement on Sept. 3 to tighten monitoring of beneficial ownership of oil, gas and mining companies.