The Department of Environment and Natural Resources (DENR) of the Philippines has reported a 4.79 percent increase in the value of metallic mineral production for the year 2023, achieving a total value of PHP 249.05 billion (approximately USD 4.48 billion). This rise from PHP 237.66 billion (around USD 4.28 billion) in 2022 is attributed mainly to the robust performance of gold and nickel sectors, marking a significant contribution to the national economy.
Despite the annual increase amounting to PHP 11.39 billion (USD 204.82 million), it is noted to be smaller in comparison to the substantial PHP 57.34 billion (USD 1.03 billion) increase witnessed in 2022. Nickel ore and its products dominated the sector, accounting for 45.5 percent of the total value, albeit experiencing a slight decrease of 3.63 percent from PHP 117.64 billion (USD 2.12 billion) in the previous year.
The Mines and Geosciences Bureau (MGB) highlighted that the dip in nickel’s value was due to a decrease in the output and value of nickel-cobalt mixed sulfide (NCMS) and scandium oxalate. However, nickel ore production volume saw a promising 19 percent growth, reaching 35.15 dry metric tons (DMT) valued at PHP 65.84 billion (USD 1.18 billion), with China remaining the major trading partner.
On a brighter note, gold showcased a remarkable 17 percent increase in production value, totaling PHP 106.64 billion (USD 1.92 billion) and making up 42.82 percent of the total metallic mineral output. The production volume of gold also rose by 7 percent, emphasizing the significance of gold in the country’s mining industry.
Copper secured the third position, contributing 10.20 percent to the total output, with a production volume that slightly increased by 3 percent from the previous year. The global trading of the country’s copper output primarily targets China, Japan, and South Korea.
Furthermore, the national government reaped substantial benefits from the metallic mineral mining activities in 2023, collecting PHP 6.79 billion (USD 122.22 million) in excise taxes and PHP 2.23 billion (USD 40.14 million) in royalties. With 21 mining projects within mineral reservation areas, including 20 nickel and a chromite mining project, the sector’s performance in the short term is anticipated to be influenced by global supply and demand patterns, new market entrants, and the overall health of the global economy in construction and manufacturing sectors.
The MGB remains optimistic about the future trajectory of the minerals sector, underlining the potential for growth and expansion amidst evolving market conditions. 
