Philippines Mulls Mining Tax to Bankroll Sovereign Wealth Fund

Finance Secretary Carlos Dominguez says there’s a proposal in Congress to impose an additional tax on mining, the proceeds of which will be placed in a sovereign wealth fund to benefit future generations of Filipinos.

• “The idea of a sovereign fund is actually a good idea,” he says in statement.
• Proposal, introduced by Albay Rep. Joey Salceda, follows the principle of “intergenerational equity,” which ensures fairness among generations in the use and conservation of natural resources, he says.

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