Philippines to tap mining revenues for Maharlika Investment Fund

DAVOS – The Philippines plans to harness the mining industry to help support the creation of a sovereign wealth fund, Finance Secretary Benjamin Diokno said.

As the 18-member government delegation to the World Economic Forum annual meetings started the global pitch for the Maharlika Investment Fund (MIF),  Diokno explained on Tuesday that the sovereign wealth fund concept was just “ordinary” in other countries that draw from such funds to flesh out long-term investments. For instance,  oil-rich countries use excess money from their oil sales for such fund.

“Those kinds of assets are exhaustible so you need to set aside something for future generations,” Diokno said.

The Philippine mining industry contributed ₱102.3 billion to the domestic economy in 2020 despite the challenges posed by the COVID-19 pandemic, the Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources earlier estimated.