THE total monetary value of the country’s mineral reserves grew 22 percent to P491.19 billion in 2022 from the P402.73 billion recorded in 2021, according to the Philippine Statistics Authority (PSA).
Based on the Mineral Accounts of the Philippines, PSA said the monetary value of Class A gold, copper, nickel, and chromite reserves reached P491.19 billion in 2022.
The PSA also said the total resource rent of the four mineral resources contributed 0.3 percent or P55.17 billion to the Gross Domestic Product (GDP) in 2022.
“The Mineral Accounts of the Philippines aims to provide information on the stocks and changes in stocks of four metallic mineral resources in the country, namely, gold, copper, nickel, and chromite,” PSA explained.
“These accounts allow for the monitoring of the sustainability of the extraction of these valuable yet depletable natural assets. The compilation adheres to the System of Environmental-Economic Accounting 2012 Central Framework [SEEA-CF],” it added.
The bulk of the total monetary value of mineral reserves amounted to P246.25 billion in 2022.
This was accounted for by Class A nickel reserves, the value of which increased by 21.9 percent to P246.25 billion in 2022 from P201.95 billion in 2021.
PSA said this was followed by Class A gold reserves, which amounted to P183.32 billion in 2022. This represented a growth of 20.5 percent from P152.09 billion in 2021.
The data also showed that the value of Class A copper reserves increased by 23.3 percent to P59.43 billion in 2022 from P48.20 billion in 2021.
In 2022, Class A chromite reserves were valued at P2.20 billion, showing a more than four-fold increase from its value in 2021 amounting to P479.69 million.
“Class A reserves are commercially recoverable mineral resources which are confirmed to be economically viable by a defined development project or operation,” PSA said.
Meanwhile, PSA said that in terms of physical assets, accounts declined in 2022, led by Class A gold reserves.
The data showed these minerals contracted 3.3 percent to 625.20 thousand kilograms in 2022 from 646.60 thousand kilograms in 2021.
The data also showed Class A nickel reserves declined 3.2 percent to 557.86 million metric tons in 2022 from 576.38 million metric tons in 2021.
The data also showed Class A chromite reserves recorded a drop of 0.2 percent to 35.89 million metric tons in 2022 from 35.97 million metric tons in 2021.
A decrease of 0.04 percent was recorded in Class A copper reserves to 165.98 million metric tons in 2022 from 166.04 million metric tons in 2021.