Maharlika Investment Corp. (MIC) president and chief executive Rafael Consing (third from left) and Makilala Mining president Julito Sarmiento shake hands after the signing a $76.4-million loan agreement to fund the early development of the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project) in Kalinga province. Source: Australian Embassy
Former Bayan Muna Representative Carlos Isagani Zarate strongly condemned the Marcos administration for its latest decision to use the Maharlika Investment Fund to finance environmentally destructive mining operations, especially in the Cordillera region.
“The Marcos Jr. administration has once again proven that the Maharlika Fund is nothing but a massive piggy bank for questionable investments that benefit big business and cronies of the administration at the expense of the Filipino people,” Zarate said after the Maharlika Investment Corporation (MIC) announced a $76.4 million bridge loan to Makilala Mining Company.
“First, they invested in the National Grid Corporation of the Philippines (NGCP), a notoriously untransparent company dominated by Chinese government interests, and now they’re pouring billions into destructive mining operations that threaten our indigenous communities and fragile ecosystems,” he added.
Zarate pointed out that the Maalinao-Caigutan-Biyog (MCB) Copper-Gold project in the Cordillera Administrative Region poses serious environmental risks despite claims of “responsible mining.”
“Ang sinasabing ‘sustainable’ at ‘responsible mining’ ay pawang kasinungalingan lamang. Sa katunayan, walang mining operation sa Pilipinas na hindi nagdulot ng malawakang pinsala sa kalikasan at sa mga komunidad,” Zarate emphasized.
The former lawmaker noted that the 12.5% interest rate on the loan raises serious questions about the economic prudence of the investment.
“This administration is gambling with people’s money. Hindi sapat ang mataas na interest rate para ijustify ang pamumuhunan sa isang industriyang kilala sa pagsira ng watershed areas, pagpapahina ng ecological systems, at pagpapalayas sa mga katutubo mula sa kanilang lupaing ninuno,” he stated.
Zarate called on Congress to exercise its oversight function and investigate these questionable investments.
“We challenge the current members of Congress to scrutinize these deals. The Filipino people deserve to know why their hard-earned money is being used to fund environmentally destructive projects and to prop up companies with questionable transparency records instead of addressing the country’s pressing needs like education, healthcare, and genuine agrarian reform,” he concluded.#
