The Philippines is rich in mineral deposits. According to estimates, the Philippines have the fifth largest reserve of gold and copper in the world. The Mines and Geosciences Bureau (MGB) of the Department of Environment and Natural Resources (DENR) estimated gold reserves to be at 967,180,197 MT while Copper was put at 5,301,507,657 MT (2002). According to the National Economic Development Authority (NEDA) in 2005, the Philippines have a total of USD 840B worth of mineral wealth just waiting to be exploited.
The National Statistical Coordinating Body (NSCB) in July 31, 2006 pegged total gross value added (GVA) to be at Php 64B (USD 1.3B), while the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) stated USD 820M total cost of mining contributions to total exports in 2005.
The Mining sector employs only a fraction of the total labor force in the country. According to the July 2006 government census, 134,000 are employed in the mining and quarrying sector, comprising a mere 0.4% of the total employed.
In 2002 there were only 7 mining tenements approved, namely for Philex Mining Corporation, Lepanto Victoria Mine, Rio Tuba Nickel Mining Corporation, Taganito Mining, Hinatuan-Cagdianao Mining Corporation and Benguet Corporation Masinloc Mine with a total tenement area of 23,106 hectares or a mere 5% of the total mineralized area. But as of November 2005, the number of approved tenements has ballooned to 383 with 2,229 petitions pending approval.
Along with this are 27 Exploration Permits (EP's) covering 99, 323.26 has. and Mineral Production Sharing Agreements (MPSA) covering 373,623.43 has. Mining operations is on the upswing since the Supreme Court in 2004, reversed its negative decision on 100% ownership of mining companies operating in the Philippines. An estimated Php 366B (USD 6.7B) in investments are expected to come from the 24 priority mining projects approved by the MGB as of 2005.
According to the Roadmap for the Philippine Minerals Industry released by the MGB in 2003, by the year 2009, there will be 455 EP's or 1,685% increase from the number in 2005. In the same document, the number of MPSA is expected to have a 560% increase from the present 228, reaching an estimated total of 1,275, with mine exports reaching USD 2B or a 243% increase compared to USD 820M total exports in 2005. The MGB is also expecting employment in the sector to reach 590,000 by 2009 or a 440% jump.
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