THE value of the Philippines’ metallic mineral reserves rose 22% in 2022, according to the Philippine Statistics Authority (PSA).
In its mineral accounts report, the PSA said the valuation of Class A gold, copper, nickel, and chromite resources was P491.19 billion, up from P402.73 billion a year earlier.
Class A reserves are defined as “commercially recoverable mineral resources which are confirmed to be economically viable by a defined development project or operation.”
The valuation of Class A gold reserves rose 20.5% to P183.32 billion during the period. However, estimated volume dropped 3.3% to 625.20 thousand kilograms.
Class A copper reserves increased in value by 23.3% to P59.43 billion. Volumes fell 0.04% to 165.98 million metric tons (MT).
The valuation of nickel reserves was P246.25 billion during the period, up 21.9%, while nickel reserves declined 3.2% to 557.86 million MT.
Class A chromite reserves by value rose four times to P2.20 billion. Reserve volume dipped 0.2% to 35.89 million MT.
“The total resource rent of the four mineral resources (accounted for) P55.17 billion or 0.3% of Philippine Gross Domestic Product (GDP) in 2022,” the PSA said.
According to the PSA, the valuation of mineral assets is compliant with the System of Environmental-Economic Accounting 2012 Central Framework, which uses a 10% discount rate.
“These accounts allow for the monitoring of the sustainability of the extraction of these valuable yet depletable natural assets,” the PSA said. — Sheldeen Joy Talavera