Higher gold, silver prices push up metal output value

MANILA, Philippines — The value of metallic minerals produced in the Philippines rose by a little over a tenth in the first half of 2025, driven largely by higher prices of gold and silver, the Mines and Geosciences Bureau said.

The MGB, an attached agency of the Department of Environment and Natural Resources (DENR), said the sector’s total value reached $2.48 billion, up from $2.16 billion in the same period last year, marking a 15.1 percent increase.

“The strong performance of the metallic mineral sector in the first half of 2025 was largely supported by gold and silver prices,” MGB said.

It said gold consistently traded above $3,000 per troy ounce, peaking at $3,354.35 in June 2025, while silver reached its highest price in the same month at $35.86 per troy ounce.

Copper also showed strength, rising by 6.6 percent to an average of $4.28 per pound by mid-2025, while nickel fell to an average of $6.98 per pound during the same time frame.

The resilience of gold, silver and copper prices was attributed to tariff uncertainties, persistent geopolitical tensions, growing central bank gold accumulation and their enduring role as safe-haven assets.

In contrast, nickel prices weakened, reflecting market oversupply conditions alongside less demand from major end-users, the bureau said.

The strong performance of the metallic sector comes as the government prepares to evaluate nearly 20 prospective mineral areas by 2026, a move expected to further boost the country’s $3.3-billion mining industry.

These include 14 new mineral reservation areas and three areas for offshore critical and strategic minerals in Palawan, Camarines Norte, and Southwest Samar.

DENR Undersecretary Jonas Leones told a Senate hearing that the local mining sector currently covers only 2.63 percent of the Philippine land area, with 790,592 hectares under approved mining tenements.

He said this indicates that a vast portion of the country’s mineral-rich lands remains untapped, leaving room for new exploration and development that could further boost economic gains if managed responsibly.

The Philippines is rich in both metallic and non-metallic minerals, with key resources including nickel, gold, copper, chromite and iron, alongside industrial minerals such as limestone, marble, and silica.

Earlier this week, DENR Assistant Secretary for Policy, Planning, International Affairs and Climate Change Noralene Uy said the department is drafting a comprehensive policy on nature-based solutions (NBS), which will include incentives for private firms in sectors such as agriculture and mining to adopt greener practices.

“The goal is to come up with a dedicated, comprehensive and coherent national policy on nature-based solutions through a draft department administrative order that will empower government and communities and our partners,” Uy said at a multi-stakeholder forum organized with the Forest Foundation Philippines and the Canadian embassy.