Maharlika Investment Corp. hit for financing Kalinga mining ops

MANILA, Philippines — Caritas Philippines, the social action arm of the Catholic Bishops’ Conference of the Philippines (CBCP), criticized the Maharlika Investment Corp. (MIC) for funding a mining project in Kalinga province.

Caritas National President, Diocese of Kidapawan Bishop Jose Collin Bagaforo, said the MIC’s decision '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,” Bagaforo said in a statement on Monday, March 3. 

“Economic development should not come at the cost of human dignity and environmental degradation,” he added. 

Caritas Philippines raised concerns about the negative impacts of large-scale mining on society and the environment, citing cases of indigenous displacement, water pollution and community harm due to irresponsible mining.

“How can we claim to work for progress when we fund an industry that destroys the resources God has entrusted to us?” Caritas Philippines Vice President San Carlos Bishop Gerardo Alminaza said in a separate statement. 

MIC’s funding

The MIC announced on February 25 that it will provide a $76.4 million (P4.425 billion) loan to Makilala Mining Company Inc. to initiate early development works for the Maalinao-Caigutan-Biyog Copper-Gold Project in the Cordillera region.

According to MIC, the loan will fund a feasibility study, road development and training programs for the Balatoc Indigenous Cultural Community.

It will also allow Makilala Mining to meet the financial obligations outlined in its agreement with the Philippine government.

This marks the third investment of the government’s controversial sovereign fund, following its January acquisition of a 20% stake in the National Grid Corp. of the Philippines and a partnership with Thailand-based Charoen Pokphand Group Co. Ltd. to boost investments in agriculture, digital innovation and sustainable energy in the Philippines.