Metallic Mineral Production
Still buoyed by favorable metal prices in the international market, production of the region’s mineral resources was significantly up year-on-year in both volume and value.
Gold ouput from large-scale mining increased by 19.6 percent year-on-year, or an output of 1,211.60 kilograms this quarter from 1,013.16 kilograms. This is even as Lepanto Consolidated Mining Company ceased operation to concentrate on mining development with the aim of improving its production in the near term. The value of large-scale gold production amounted to Php2.462 billion this quarter from Php1.394 billion last year. Output from small-scale gold mining was also up 8.6 percent with a similar increase in value, that is 1,900 grams valued at Php950,000 this quarter from 1,750 grams valued at Php875,000 last year.
Silver production also increased in volume and value from year-ago levels. Silver output this quarter was at 1,164.51 kilograms valued at Php60.993 million from 1,107.22 kilograms valued at Php27.822 million in the same quarter last year.
Copper production also increased in volume and value this quarter to 17,472 dry metric tons valued at Php1.662 billion from 14,483 dry metric tons valued at Php966.248 million in the same quarter last year. This was due to the improved performance from the Padcal Copper Project of Philex Mining Corporation resulting from higher mill recovery, increase in total milled ore and higher grade of the mined ore.
Due to the continuing slow recovery in the global economy, regional PEZA exports were down both year-on-year and quarter-on-quarter. PEZA exports amounted to US$684.751 million this quarter compared to US$1.106 billion in the same quarter last year and US$739.578 million in the previous quarter.
With disruptions brought by the March triple disaster in Japan, revenues from electronics exports this quarter was almost halved compared to the same period last year amounting to just US$603.047 million from US$1.066 billion, resulting to the overall 38.1 percent year-on-year dip in total regional export earnings. This is despite increased receipts from other industry sectors. Specifically, the growing strength of business process outsouring activities resulted to a fourfold increase in the earnings of IT companies operating in the ecozone to US$46.671 million this quarter from just US$10.738 million last year and US$18.325 million in the previous quarter. BPO earnings this quarter has overtaken receipts from the manufacture of machinery in the ecozone, making it the second biggest contributor to total export earnings. Still, revenues from machinery manufactures continued to increase amounting to US$30.126 million this quarter from US$24.435 million in the same quarter last year and US$25.464 million in the previous quarter.
Employment in ecozone enterprises increased quarter-on-quarter totalling an average 8,606 this quarter compared to 8,564 in the previous quarter, the bulk of which is accounted for by BPO companies and the electronics industry.
Meanwhile, accounting for direct exports only, total non-PEZA exports of the region reached US$0.17 million this quarter, up 44.1 percent year-on-year from last year’s US$0.12 million. However, this quarter’s earnings was considerably down from the US$1.48 million recorded in the previous quarter.
Contributing to the continued growth in total Philippine exports this quarter, the volume and value of the region’s mineral exports were up both year-on-year and quarter-on-quarter aided by favorable metal prices in the world market. Gold exports reached US$61.815 million this quarter compared to just US$17.352 million in the same quarter last year and US$41.304 million in the previous quarter. Silver exports amounted to US$1.569 million this quarter, higher than the US$0.333 million last year and US$1.097 million in the previous quarter. Copper exports also increased to US$44.758 million this quarter as against US$26.929 million a year ago and US$24.299 million in the previous quarter.