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Manila Bulletin devider Philippines devider National devider Caritas Philippines criticizes Maharlika Fund over $76.4 million for mining project

Caritas Philippines criticizes Maharlika Fund over $76.4 million for mining project

Published Mar 25, 2025 09:06 am
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Caritas Philippines president Bishop Jose Colin Bagaforo (CBCP)

Caritas Philippines, the Catholic Church’s social action arm, has expressed concerns over the Maharlika Investment Corporation's (MIC) decision to provide a $76.4 million bridge loan to Makilala Mining Company Inc., a local affiliate of Australian firm Celsius Resources Inc.

In a statement issued on Tuesday, March 25, the group called for the reconsideration of the loan and urged the government to prioritize industries that support community development while protecting the environment.

The funding is meant for the Maalinao-Caigutan-Biyog Copper-Gold Project in Kalinga, specifically to update the feasibility study and engineering design. It also aims to help Makilala Mining meet financial requirements stipulated by the Philippine government under its mineral production sharing agreement.

Caritas Philippines criticized the move, arguing that it contradicts the Maharlika Fund’s purpose of driving sustainable economic growth.

The organization warned that the loan could negatively impact communities, contribute to environmental degradation, and undermine responsible resource management.

“This move by the Maharlika Fund betrays the Filipino people’s trust,” Caritas Philippines president Bishop Jose Colin Bagaforo said.

“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,” he added.

MIC, owned by the Philippine government, manages the country’s sovereign wealth fund.

“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 Bishop Gerardo Alminaza asked.

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

Caritas Philippines has long opposed large-scale mining, citing its social and environmental impact.

Local dioceses have documented cases of indigenous people losing their ancestral lands, suffering from polluted water sources, and enduring the harmful effects of irresponsible mining practices.

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caritas philippines bishop jose colin bagaforo MAHARLIKA FUND
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