The development and advocacy arm of the Catholic Church in the Philippines yesterday opposed Maharlika Investment Corporation’s (MIC) decision to support a gold and copper mining project in Kalinga province, saying it is tantamount to enabling activities that damage the ecosystem.
“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,” Caritas Philippines’ President Bishop Jose Colin Bagaforo said in a statement.
“This decision contradicts the Maharlika Fund’s purpose to spur economic growth while threatening communities and undermining responsible stewardship,” he added.
The prelate said the decision to invest in mining projects also revives concerns regarding the true purpose of the Maharlika Funds, saying the project lacks transparency and may only be used to benefit allies of the administration.
“This decision highlights the need for public scrutiny and accountability mechanisms,” he added.
Bagaforo called on the Marcos administration to reconsider the investment, saying “economic development should not come at the cost of human dignity and environmental degradation.”
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Earlier, the MIC announced that it will provide a $76.4 million (P4.425 billion) loan to finance the early development works for the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project) in Kalinga.
The loan to Makilala Mining Company, Inc. will fund a feasibility study, road construction, and training for members of the Balatoc Indigenous Cultural Community.
An MIC statement earlier said the project aligns with the sovereign wealth fund’s mandate to drive economic growth and sustainable development.
It said the decision to back the project followed a rigorous due diligence review of its technical, financial, legal, environmental, and socio-economic aspects, yielding promising initial results.
