The Philippines’s metallic production this year may breach the P200-billion mark for the first time in history, driven by elevated world prices and improved mine output. Know more:
THE Philippines’s metallic production this year may breach the P200-billion mark for the first time in history, driven by elevated world prices and improved mine output.
“If mining is allowed to flourish, it can definitely bring in increased production, increased export receipt, productivity and employment opportunities. Just allow it to flourish sustainably and responsibly,” Toledo added. “Mining has been demonized for allegedly being anti-environment. But now, [it is] actually [a] manna from heaven in a sense, as far as climate change is concerned,” he said.
Historical Mines and Geosciences Bureau data showed that the value of mineral production during the 9-month period already surpassed by P14.7 billion the P160.91-billion output recorded for the whole 2021. “Nickel ore enjoyed a 47.21-percent or US$3.84 increment from $8.13 per lb. to US$11.97 per lb. year-on-year. Based on the Bangko Sentral ng Pilipinas [BSP] price bulletin gold stepped up with a $24.51 or 1.36-percent increase from $1,801.97 per troy ounce to $1,826.47 per troy ounce year-on-year,” MGB said. Gold output rose by 28 percent year-on-year to P67.449 billion while silver production more than doubled to P1.519 billion, based on MGB data.
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