If Surigao del Norte 2nd district Rep. Robert Ace Barbers would have his way, he would allow the use of funds generated by both the mining and tourism industries to jumpstart the proposed Maharlika Investment Fund (MIF).
If Surigao del Norte 2nd district Rep. Robert Ace Barbers would have his way, he would allow the use of funds generated by both the mining and tourism industries to jumpstart the proposed Maharlika Investment Fund .“I fully agree and support [Department of Finance] Secretary [Benjamin] Diokno in his proposal to use the earnings from the mining industry for the Maharlika fund. But I would even venture further,” Barbers said in a statement Friday morning, Jan. 20.
“You see, where I come from, Surigao del Norte is not only the mining capital of the country, it is fast becoming a primary tourism destination. So I would propose that we also tap the huge earnings from the tourism industry,” he said. According to the veteran solon, the earnings from the two industries “will no doubt rescue and lift us from the this pit of debt that we are now in”.A pool of investible funds from select government financial institutions , the MIF will be invested by the Philippine government to generate profits for big-ticket government projects. It will essentially create a new revenue stream for the country apart from the national budget, which is primarily comprised of taxes and borrowings.
The MIF is not yet a law, however. The House of Representatives passed the measure as contained in House Bill No.6608 on third and final reading last Dec. 15. The Senate has yet to tackle it.In his previous calls, Barbers said that only the mining industry can save the economy post-pandemic, as it is the single biggest resource that the country has with the potential to earn trillions of dollars.
He said the country is the fourth richest in mineral resources. It is estimated that the total gold, copper, nickel and other mineral reserves are worth trillions of dollars, more than enough to pay off the country’s entire debt.
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