The Philippines plans to harness the mining industry to help support the creation of a sovereign wealth fund, Finance Secretary Benjamin Diokno said. | philbizwatcher /PDI
DAVOS – The Philippines plans to harness the mining industry to help support the creation of a sovereign wealth fund, Finance Secretary Benjamin Diokno said.
As the 18-member government delegation to the World Economic Forum annual meetings started the global pitch for the Maharlika Investment Fund , Diokno explained on Tuesday that the sovereign wealth fund concept was just “ordinary” in other countries that draw from such funds to flesh out long-term investments. For instance, oil-rich countries use excess money from their oil sales for such fund.
The Philippine mining industry contributed ₱102.3 billion to the domestic economy in 2020 despite the challenges posed by the COVID-19 pandemic, the Mines and Geosciences Bureau of the Department of Environment and Natural Resources earlier estimated.
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