Gold remains Davao region’s top export commodity

Feb. 29, 2012

24 February 2012

Gold remains Davao region’s top export commodity

DAVAO CITY–Gold is now on the fifth spot as a major export commodity in Davao region as it gained three percent growth from negative 8.7 in 2008.

Data from the Mines and Geo-science Bureau XI also showed that Region XI produced 836,450 kilos of gold in 2011 with an equivalent value of P1.8 billion. This production was reported by large-scale mining companies such as Apex Mining Co. and JB Management.

MGB XI regional director Edilberto L. Arreza said during the Kapihan sa PIA Davao recently  that he expects more than this volume from small-scale mining companies as the Bangko Sentral said only 20 percent of the mineral production came from large scale mining.

Compostela Valley Board Member Augusto Blanco Jr. admitted so much economic benefits for the  province from an active mining sector.

“Most of the mineral-rich municipalities in the province were categorized fourth or fifth class towns. However, with the active mining activities that encouraged trading in this communities, they are now elevated to first class municipalities,” said Blanco.

MGB XI data showed that Compostela Valley Province generated more than P40 million from excise tax last year and more than P2 million from extraction fee in the same period.

It was also last year that mineral-rich provinces like Compostela Valley enjoyed not just in the increase of volume on gold extraction but also on the equivalent value which is caused by the significant increase on the value of gold in the world market.

The National Economic Development Authority XI also reported 36,000 Filipinos have been employed in the said industry since 2009. NEDA XI assistant regional director Bonifacio Uy said this number comes from both those employed in large scale and small scale mining companies.

NEDA XI, having identified the mining sector a crucial and important driver for growth in the region is currently implementing the Mining Industry Cluster Action Plan 2011-2013 as adopted by the Regional Development Council XI. The action plan contains the promotion of responsible mining, strengthening of the cluster team, and the holding of a mining summit. (PIA)

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