MAHARLIKA Investment Corp. (MIC) President and Chief Executive Officer Rafael D. Consing, Jr. said Makilala Mining Co.’s sustainability plan was instrumental in winning approval for its $76.4-million loan from the sovereign wealth fund.
“Makilala’s plans are much more sustainable than how other mining companies have operated historically,” Mr. Consing said in the Money Talks with Cathy Yang program on One News on Thursday.
“It aims to operate only on a very small footprint, implement stable mining practices, such as no tailing dam, and strong social license support of Balatoc indigenous community,” he added.
MIC announced it has agreed to provide a $76.4-million bridge loan to Makilala to fund the early-stage development of the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga province.
Mr. Consing said the MIC is committed to responsible mining practices that prioritize environmental and social sustainability.
“The MCB Project includes provisions for community skills training and collaboration with the Balatoc Indigenous Cultural Community, ensuring inclusive growth,” he said.
Jose Enrique A.Africa, executive director at think tank IBON Foundation said in a statement that this project sends a signal that the MIC is “out to get financial returns even from helping foreign firms exploit domestic resources and at the expense of indigenous communities and the environment.”
Aliansa Dagiti Pesante iti Kordiliera (APIT TAKO) in a statement on Feb. 25, said Kalinga has become a “punching bag” for mining and energy projects.
“It is despicable how the government of (President Ferdinand R.) Marcos Jr. tries to further punch Kalinga in the gut by investing an enormous amount of people’s money in a mining company whose projects in the uplands of Kalinga will likely pollute the rivers that irrigate the fields of lowland Kalinga, a major supplier of the Isabela and Bulacan rice markets,” it said.
The group also said the government and private companies are eyeing Kalinga for two wind farms, a geothermal plant, and 19 hydro projects on the Pasil, Chico, Tanudan, and Saltan river systems.
Danilo Ramos, chairman of the Kilusang Magbubukid ng Pilipinas and a Makabayan Senate candidate, called the investment “destructive.”
“The Maharlika Fund is being used to bankroll destructive mining instead of uplifting farmers and indigenous communities. Marcos Jr. is repeating his father’s legacy — prioritizing foreign corporations over Filipinos while unleashing militarization to silence resistance,” he said. — Aubrey Rose A. Inosante