The Philippine metallic mining sector surged 15.1% in the first half of 2025, with production value soaring to PhP135.62 billion from PhP117.78 billion in 2024, fueled by record-breaking gold prices that peaked at US$3,354.35 per troy ounce, according to the Mines and Geosciences Bureau (MGB).
Gold prices soared above USD 3,000 per troy ounce for most of the period, peaking at USD 3,354.35 in June. Gold production increased by 6.2 percent in volume, rising from 13,652 kilograms valued at PHP 54.80 billion to 14,493 kilograms worth PHP 79.82 billion.
The country’s leading producers, Philippines Gold Processing and Refining Corporation in Masbate, OceanaGold Philippines, Inc. in Nueva Vizcaya, and Apex Mining Corporation, collectively drove output, with the Bangko Sentral ng Pilipinas purchasing 4,371 kilograms valued at PHP 24.18 billion during the period.
Silver mirrored the gold upswing, climbing to USD 35.86 per troy ounce by midyear. All output increased from 23,239 kilograms worth PHP 1.14 billion to 24,038 kilograms valued at PHP 1.39 billion.
Copper outputs also improved, averaging USD 4.28 per pound, a 6.6 percent gain year on year. Although it contracted by 15.2 percent, falling from 142,051 dry metric tons to 120,389 dry metric tons, its value edged higher from PHP 13.27 billion to PHP 13.71 billion, supported by stronger global prices.
Carmen Copper Corporation remained as the major copper contributor, supplying more than half of the national total, followed by OceanaGold Philippines, Inc. and Philex Mining Corporation.
Nickel prices averaged USD 6.98 per pound in the first half of the year. The combined values of nickel direct shipping ore, mixed nickel-cobalt sulfide, and scandium oxalate declined from PHP 47.42 billion to PHP 39.87 billion.
Caraga maintains the top nickel-producing region, followed by Eastern Visayas, Central Luzon, and MIMAROPA. China and Indonesia remained key trading partners, with Indonesia increasing its purchases to support smelter expansion following its ore export ban.
Tariff-related uncertainties, geopolitical tensions, central bank gold accumulation, and demand for safe-haven assets supported gold, silver, and copper prices. Nickel prices, on the other hand, lost value amid market oversupply and reduced demand from major end-users.
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