Barbers backs DOF’s plan to use mining earnings for MIF
SURIGAO del Norte Representative Robert Ace Barbers on Friday lauded and expressed full support to Department of Finance (DOF) Secretary Benjamin Diokno’s plan to use earnings from the mining sector to jumpstart the Maharlika investment plan.
At the peak of the pandemic, Barbers was the first lawmaker who suggested to the former administration of President Duterte to reopen and revive mining and strengthen the tourism industry for the economy to recover, especially in the wake of the loans contracted for the purchase of COVID-19 medicines and vaccines amounting to trillions of pesos.
In his previous calls, Barbers said that only the mining industry can save the economy post-pandemic as it is the “single biggest resource” that the country has with the potential to earn trillions of dollars.
The country is the 4th richest in mineral resources. It is estimated that the total gold, copper, nickel, and other mineral reserves are worth trillions of dollars, more than enough to pay off the country’s entire debt.
“I have said it many times before, our mining industry can save us and our country. In ten years, Europe plans to have 50% of its vehicles run on full electricity. The raw materials needed for electric car batteries are here in our country. Allowing the mining industry to proceed full-scale will give us the edge [that] we badly need. We should not miss the bus again. Of course, this is not to say that all kinds of mining firms will be allowed to operate. Only those with proven track records in responsible mining practices will be given accreditation and the permits to do business,” Barbers said.
“I fully agree and support Secretary Diokno in his proposal to use the earnings from the mining industry for the Maharlika fund. But I would even venture further. You see, where I come from, Surigao del Norte is not only the mining capital of the country, it is fast becoming a primary tourism destination. So I would propose that we also tap the huge earnings from the tourism industry. These two combined industries will no doubt rescue and lift us from this pit of debt that we are now in. I sure hope that the President will seriously consider this humble suggestion from this representation,” Barbers added.
