Philippines to tap mining revenues for Maharlika Investment Fund

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

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Air finance summit tackles jet shortages amid China travel thawFinanciers at the center of a $200-billion industry underpinning worldwide airline fleets are meeting in Dublin, gambling that China’s long-awaited decision to free travel will accelerate their recovery while warning of a shortage of jets. | Reuters
Fonte: inquirerdotnet - 🏆 3. / 86 Consulte Mais informação »