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.
Philbizwatcher Selling our natural resources to China does us No- Good at all .... another 'Joke-No' Legacy? Grrrrrr
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: inquirerdotnet - 🏆 3. / 86 Read more »