By CBCP News
March 3, 2025
Manila, Philippines
The Catholic Church’s social action arm has denounced the country’s sovereign investment fund for financing a large-scale mining project, citing concerns over environmental and social consequences.
The Maharlika Investment Corp. (MIC) signed a binding term sheet to provide a $76.4-million bridge loan to Makilala Mining Company Inc., a local subsidiary of Australia-based Celsius Resources Inc. The loan is intended to support the update of the feasibility study and front-end engineering design for the Maalinao-Caigutan-Biyog Copper-Gold Project in Kalinga province. It will also help Makilala Mining meet financial capability requirements under its mineral production sharing agreement with the Philippine government.
Caritas Philippines, the national social action arm of the Catholic Church, condemned the decision, arguing that it contradicts Maharlika’s stated purpose of fostering economic growth while also posing threats to communities and the environment.
“This move by the Maharlika Fund betrays the Filipino people’s trust,” said Bishop Jose Colin Bagaforo, president of Caritas Philippines. “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 has consistently opposed large-scale mining, citing its adverse social and environmental effects. Several dioceses across the country have documented cases of indigenous peoples losing ancestral lands, water sources being contaminated, and entire communities suffering from irresponsible mining practices.
“How can we claim to work for progress when we fund an industry that destroys the resources God has entrusted to us?” questioned Bishop Gerardo Alminaza, vice president of Caritas Philippines.
MIC, a government-owned and controlled corporation, was established to manage the Philippines’ sovereign wealth fund. However, Caritas Philippines called on the government to reconsider the investment and instead prioritize industries that promote sustainable development.
“Economic development should not come at the cost of human dignity and environmental degradation,” Bagaforo added.
The Catholic Church has long been an advocate for responsible stewardship of natural resources, urging policies that balance economic growth with environmental and social responsibility.
Sources: CBCP News, Maharlika Investment Corp., Caritas Philippines
Society of Jesus' social apostolate 