Tolentino wants to tap mining sector as source of fund for Maharlika


Posted at Jan 25 2023 10:53 AM

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MANILA — Sen. Francis Tolentino on Wednesday said the Philippines' mining sector could be tapped as one of the sources of funds for the proposed Maharlika Wealth Fund that is now up for the Senate's deliberation.

"The mining sector can probably be part of this. I think that would be a good headway," Tolentino told ANC's Headstart. 

"I would venture into the infusion of private funds... plus if there is a way we can find how to make our natural resources work for us."

Tolentino came up with the suggestion as President Ferdinand Marcos Jr. rejected a proposal to use a portion of the annual income of government-owned and controlled corporations (GOCCs) as seed capital to finance the Maharlika Fund.

"We cannot use the funds with the GOCC… Pera ng gobyerno ‘yun. What will the government spend?" Marcos Jr. said.

"This is a lot of income that goes to the national government that will suddenly disappear, go to the Maharlika Fund and cannot be used for the government," he also said.

The country's total production value in mining amounted to P224 billion in 2021, according to data from the Mines and Geosciences Bureau released in August 2022.