The value of the country’s reserves of commercially recoverable (Class A) mineral resources increased by 22% in 2022, the Philippine Statistics Authority (PSA) reported.
Data from the PSA mineral accounts revealed that the value of Class A gold, copper, nickel, and chromite amounted to Php 491.19 billion last year from Php 402.73 billion in 2021.
The total resource rent of the four mineral resources contributed Php 55.17 billion, or around 0.3% to the Gross Domestic Product (GDP) in 2022.
Resource rent refers to the value after the return to produced assets and interest expense is subtracted from the net operating surplus.
In terms of physical assets, Class A gold reserves were valued at Php 182.32 billion last year, an 20.5% increase from the Php 152.09 billion recorded in 2021. However, stocks of these gold resources dropped 3.3% to 625,197 kilograms from 646,597 kilograms.
Production of gold reserves increased by 21.5% to 21,400 kilograms from 17,610 kilograms.
Meanwhile, Class A copper reserves value increased by 23.3% to Php 48.2 billion. While copper reserves dropped to Php 165.98 million metric tons (MT), production increased by 15.4% to 59,510 kilograms.
Value of Class A nickel reserves increased by 21.9% to Php 246.25 billion. Stocks declined by 3.3% to 475,137 kilograms, while production also dropped 12.1% to 28.96 million MT from 32.93 million MT.
Meanwhile, stocks of Class A chromite reserved shaved off 0.2% to 35.89 million MT from 35.97 million MT. Production, however, registered a four-fold increase to 77,130 MT from 17,610 MT.
