Mining industry plays a vital role in the country’s economic development. This also yields foreign exchange and accounts for the significant portion of gross domestic product of one’s country.
In the Bicol Region, its mining industry continues to beam a rosy and hearty picture of the local and regional economy. In CY 2018, the Masbate Gold Project located in Aroroy, Masbate produced a total of Php14.45 Billion for 6,733 kilograms of gold and Php130.92 Million for 4,925.08 kilograms of silver. The project employment marked an average of 1,961 personnel from January to December 2018.
In Palanog, Camalig, Albay where the Quarry and Cement Plant Project is situated has extracted 503,712 MT of limestone valued at Php37,850,633.64 with an average employment of 36 personnel from January to December 2018.
The perlite mining project of UBS Marketing Corporation in Lamba, Legazpi City registered a total sale worth Php 7 Million with 19 personnel employed for the period from January to December 2018.
Furthermore, the industry generates additional revenues through taxes and fees paid from mining and other related activities in CY 2018. The taxes paid by these operating mining companies reached an aggregate amount of to Php2.22 Billion.
(Source: Monthly Project Update Report CY 2018, Mineral Economics Section, MGB-V)