Potential gains from the reopening of the mining industry may be tapped into for the Maharlika Investment Fund (MIF).
In a report by the Philippine Daily Inquirer, Finance Secretary Benjamin Diokno disclosed the information during the World Economic Forum in Davos, Switzerland.
Diokno said that the Philippines has reopened its mining industry after shutting down in the past years due to environmental purposes. He emphasized that the “earnings from this exhaustible resource, we can put there [MIF] so that the future generation could also benefit.”
The funds generated from the mining industry are planned to be invested in important projects, like infrastructure projects that are mostly funded by loans from Japan, China, the World Bank, and the Asian Development Bank.
The said projects are vetted by the National Economic and Development Authority to assure that these will be profitable and would benefit the economy, Diokno said.
The Philippines is the fifth most-mineralized country across the globe with around $1 trillion worth of untapped copper, gold, nickel, zinc, and silver reserves.
Data from the Mines and Geosciences Bureau (MGB) said that in 2022, the country’s mineral production value for the first three quarters of the year was Php 175.61 billion, 29.1% more than the previous year.
MIF, a proposed measure under House Bill 6608, looks to maximize investible- funds of state-run financial institutions by means of investments with the aim of increasing public funds.