Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga believes that the Philippine mining sector is expected to sustain its promising performance for the remaining months of 2022.
Yulo-Loyzaga believes that the mining sector will have promising results based on the figures from the first quarter which have already resulted in positive revenues, as reported in Inquirer.
The value of metal production in the Philippines has been on the upside, showing recovery from the inconsistencies in the rules governing the mining industry.
The Mines and Geosciences Bureau (MGB) earlier reported that metallic production for the first quarter recorded P48.61 billion, indicating a 31.21% increase.
The value of metal production surged by 39.42% to P112.66 billion during the first half of the year. Meanwhile, the local metallic mineral production grew by 29.21% to P175.61 billion earlier this week.
Every year, the mining industry obtains remarkable improvement in the value of mineral commodities, MGB said in a report.
The mining sector`s optimistic performance has been primarily attributed to the high metal prices, coupled with rising metal production.
From te international perspective, experts project metal prices to decline during the fourth quarter of this year until 2023, MGB stated. It is believed that it is one of the reflections of weaker global growth and concerns over China’s slowdown because of its zero COVID policy and pause of its real estate sector.
However, experts also mentioned that high value is expected to remain higher compared to the average from the past five years which is an advantage for the Philippine mining industry, MGB added.
Meanwhile, the government is eyeing the potential of the mining sector that will drive the country’s economic growth through the expanding Minahang Bayan or small-scale mining sites.
MGB said that identifying potential small-scale mining areas is the government’s strategy to implement organized, systematic, and ecologically balanced administration and disposition of small-scale areas.
Currently, the Philippines has identified 53 Minahang Bayan sites – 17 sites in Luzon, three in Visayas and 33 in Mindanao.