MANILA, Philippines – The social action arm of the Catholic Bishops’ Conference of the Philippines (CBCP) criticized the $76.4-million investment of the Maharlika Investment Corporation (MIC), which manages the country’s first sovereign wealth fund, in a mining company.
In a statement on Monday, March 3, Caritas Philippines said the decision of MIC to invest in Makilala Mining Company “contradicts the Maharlika fund’s purpose to spur economic growth while threatening communities and undermining responsible stewardship.”
“This move by the Maharlika fund betrays the Filipino people’s trust. Instead of supporting industries that promote development and sustainability, the government is channeling resources into extractive projects linked to displacement, deforestation, and human rights abuses,” said Kidapawan Bishop Jose Colin Bagaforo, president of Caritas Philippines.
“Economic development should not come at the cost of human dignity and environmental degradation,” he added.
Caritas Philippines cited the social and environmental impact of large-scale mining, with “documented cases of indigenous peoples losing ancestral lands, contaminated water sources, and communities suffering from irresponsible mining operations.”
“How can we claim to work for progress when we fund an industry that destroys the resources God has entrusted to us?” said the vice president of Caritas Philippines, San Carlos Bishop Gerardo Alminaza.
The Maharlika fund, approved by President Ferdinand Marcos Jr., has been criticized for corruption and investment risks, among other things. Marcos signed the law creating the Maharlika Investment Fund in July 2023. – Rappler.com