Photo Release

February 1, 2023

Royalties from mining as funding source for MIF: Senate Majority Leader Joel Villanueva suggests the economic managers of the country also look into the possibility of using revenues from the mining sector as among the sources of funding for the proposed Maharlika Investment Fund (MIF). During the first public hearing of the Committee on Banks, Financial Institutions, and Currencies on the MIF Wednesday, February 1, 2023, Villanueva said the proposed amendment to the mining fiscal regime has the potential to generate an additional P12 to 20 billion in revenue. “So, I wanted to ask if we can use it (mining revenue) as a source of funding,” Villanueva said. Finance Secretary Benjamin Diokno responded in the affirmative, saying the royalties from the mining sector could be used as part of the fund for MIF. (Chris Andrew Decara OS Villanueva/Senate PRIB)