27.6 C
Thursday, December 7, 2023

Mining sector motherlode of revenue: P102B in 2020

Despite the COVID-19 pandemic, the country’s mining industry contributed P102.3 billion to the gross domestic product in 2020, according to the Department of Environment and Natural Resources’ Mines and Geosciences Bureau.

In a report, the MGB estimated the metallic mineral production value of gold, nickel ore, mixed nickel-cobalt sulfide, scandium oxalate, chromite and iron at P132.69 billion.

The total value of minerals, mineral products and non-metallic mineral manufacture exported in the past year reached $5.2 billion.

Minerals industry contributed about P25.52 billion from national and local taxes, fees and royalties.

MGB also said  that the mining sector has allocated P379 billion for the implementation of the environmental protection and enhancement program as of December 2020.

The mining and quarrying activities generated 184,000 jobs, and that P25.71 billion was committed for the social development management program (SMDP).

A total of 36.87 million seedlings were planted in 28,717.37 hectares of land for the mining forest program as of December 2020.

Secretary Roy Cimatu said the report showed how the mining industry playing  a “huge role in the country’s economic growth despite the pandemic.”

“Amidst the pandemic that we are experiencing, the mining industry strived and did its part.  We are happy to know that this has been the outcome of the mining operations in the country over the past year,” he said.

“Contrary to what others are saying, this is an indication of how massive the contribution of the mining industry is to our economy,” he added.

He gave the public the assurance that DENR would continue to strictly monitor the operation of mining companies and strengthen the implementation of their safety and health, environmental and social development, and management programs.

At the height of the COVID-19 pandemic in 2020, MGB director Wilfredo Moncano instructed the regional offices to allow mining companies to realign their unutilized SDMP funds to support the affected impact and non-impact communities. 

- Advertisement -


Popular Articles