Section 14Sec./Art. 14

Transparency and Accountability. - The Government, through the Department of Finance, in coordination with other relevant agencies, shall institutionalize an inclusive and participatory mechanism for data collection, verification, public disclosure, and scrutiny of all executive industry-related data including, but not limited to, tax, non-tax, beneficial ownership, natural capital accounting data under Republic Act No. 11995, otherwise known as "The Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act," and revenue and expenditure data in the extractives value-chain pursuant to the best practices in the open, accountable, and good governance of mineral resources: Provided, That the disclosure shall include the General Information Sheet and other reportorial requirements regularly submitted to the Securities and Exchange Commission: Provided, further, That the disclosure shall be made in both electronic and non-electronic forms: Provided, finally, That a multi-stakeholder group with relevant representatives from government, industry, and civil society organizations shall be established as part of the transparency and accountability mechanism.

Any provision of law to the contrary notwithstanding, all businesses and activities engaged in the exploration, development, and utilization of minerals and other natural resources, being vested with public interest, shall be exempt from the application of confidentiality clauses in the National Internal Revenue Code of 1997, as amended, including Section 270 in relation to Section 71, on disposition of income tax returns and publication of lists of taxpayers and filers, and in Republic Act No. 11232, otherwise known as the "Revised Corporation Code of the Philippines," including Section 177 thereof on reportorial requirements for corporations.