Villanueva Photo shows Senate Majority Leader Joel Villanueva with Finance Sec. Benjamin Diokno at the first public hearing of the Committee on Banks, Financial Institutions, and Currencies on the Maharlika Investment Fund last Feb. 1, 2023. Photo source: Joel Villanueva’s Facebook Page

Mining seen to help boost Maharlika

February 6, 2023 Camille P. Balagtas 356 views
Maharlika
Photo Source: Presidential Communications Office

SENATE Majority Leader Joel Villanueva has suggested to economic managers of the country to look into the possibility of using revenues from the mining sector as among the sources of funding for the proposed Maharlika Investment Fund (MIF).

During the first public hearing of the Committee on Banks, Financial Institutions, and Currencies on the MIF last Feb. 1, 2023, Villanueva said the proposed amendments to the mining fiscal regime have the potential to generate an additional P12 to 20 billion in revenue.

“So I wanted to ask if we can use the mining revenue as a source of funding,” Villanueva said.

Finance Secretary Benjamin Diokno responded in the affirmative saying the royalties from the mining sector could be used as part of the fund for MIF.

Earlier Diokno said the mining industry can help support the creation of a sovereign wealth fund. He further explained that the wealth fund concept was just ordinary in other countries that draw from such funds to flesh out long-term investments.

It was reported that the Philippine Mining Industry contributed P102.3 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.