Gold and silver powered a 1.28% growth in the Philippines’ metallic mineral sector in 2024, lifting total production value to PHP 252.90 billion from PHP 249.71 billion in 2023. A report released this week by the Mines and Geosciences Bureau (MGB) showed that the PHP 3.19 billion increase is driven by surging prices and strong silver output, despite a decline in nickel performance.
According to the report, gold production value rose 18.62% to PHP 126.36 billion last year, even as production volume decreased 7% from 31,046 kg to 28,870 kg. This growth was propelled by a significant rise in gold prices, attributed to geopolitical tensions and sustained demand from central banks and signalling continued price increases into 2025.
Silver production also showed impressive gains, with volume up 17.14% to 54,073 kg and value climbing 56.36% to PHP 2.90 billion. The MGB report credits TVI Resources Development (Phils.) Inc.’s Balabag Gold-Silver Project for driving this surge, producing 50.04% of the national total, valued at PHP 1.46 billion.
The March 2025 report identifies Caraga as the leading region, contributing 30.86% (PHP 67.19 billion) of the total production value. With 26 operating metallic mines, Caraga remains the country’s nickel powerhouse, accounting for 64.44% of nickel ore output. Cagayan Valley and MIMAROPA followed with 14.76% (PHP 32.13 billion) and 13.26% (PHP 28.87 billion), respectively, supported by diverse operations in gold, copper, and nickel.
MGB’s data reveals challenges for nickel, with direct shipping ore, nickel-cobalt mixed sulfide, and scandium oxalate values dropping 17.29% to PHP 94.23 billion. The report cites reduced output, adverse weather, and maintenance delays as factors, though new entrants like Comet Mining Exploration Corporation signal potential recovery.
MGB’s 2024 review estimated excise tax collections at PHP 7.39 billion, with gold mines contributing 38.49% (PHP 2.85 billion) and nickel mines 35.58% (PHP 2.63 billion). Royalties from mineral reservations reached PHP 1.89 billion, and a notable PHP 1.1 billion payment from OceanaGold (Philippines) Inc. on April 23, 2024, marked the first additional government share under its Financial and Technical Assistance Agreement, splitting net revenue 60-40 in favor of the government.
The report underscores the importance of upcoming government policies—focused on tax reforms, streamlined permitting, and foreign investment—to sustain growth in 2025. It also notes that global factors, including U.S. trade policies and China’s construction sector, will shape the industry’s future.
Can the nation capitalize on rising precious metal prices and emerging nickel players to sustain growth in 2025, or will global uncertainties and nickel’s struggles cast a shadow over this momentum? Share your thoughts!
