The Philippines—one of the most mineral-rich countries in the world—plans to unlock potential gains from the reopening of the mining industry to help bankroll President Marcos’ plan to set up a sovereign wealth fund. | philbizwatcher /PDI
Diokno said the country should have long ago used around $20 billion in earnings from the Malampaya gas field to jump-start such a fund, thereby benefiting future generations. This resource is now nearing depletion.
The Philippines is the fifth most mineralized country in the world with about $1 trillion worth of untapped copper, gold, nickel, zinc, and silver reserves. The local mining industry contributed P102.3 billion to the gross domestic product in 2020 despite the challenges posed by the COVID-19 pandemic, according to the Mines and Geosciences Bureau. Less than 5 percent of the country’s mineral reserves have been tapped.
But the environmental organization Kalikasan PNE criticized the proposal to use mining proceeds for the sovereign wealth fund, saying that the Marcos administration would be “ignoring the social and environmental costs of the foreign and large-scale mining operations they are encouraging in the country.”
“Such a fund is one tool among many in our efforts to diversify our financial portfolio, which includes our existing institutions pursuing investment that will generate stable returns, but also welfare effects spanning employment creation, improvement of public service and a decrease in costs of economic activities,” he said.
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