Philippine Finance Secretary Benjamin Diokno said the government is looking to tap revenues from the nation’s mining industry to help finance a proposed sovereign wealth fund that President Ferdinand Marcos Jr. and his economic team have widely pitched at a global event in Switzerland.
The reopening of the mining sector will generate more state revenues, which can be placed in the fund, Diokno said in a briefing in Davos, where he’s attending the World Economic Forum as part of the Philippine delegation led by Marcos.
Funding the sovereign wealth fund with earnings from the sector is like setting aside an “exhaustible resource” for the benefit of “future generations,” he said, according to a transcript released by the president’s communications office late Wednesday.
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