Philippines is actually El Dorado, 2nd largest gold reserve!!!

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Dubai: Gold is one of the rarest and priciest metals. The Philippines, it’s been said, sits on “mountains of gold”. This epithet needs a closer look.

Figures from the Mines and Geosciences Bureau (MGB), a government agency, show that the country produced 20.765 metric tonnes (MT) of gold in 2018, valued at $866.72 million (Php44.8 billion, Dh3.14 billion).

It was slightly down from the previous year (2017), when the Asian country produced 22.749 MT of gold, valued at Php46.79 billion ($894.64 million, Dh3.2 billion), MGB data show.
About half of the world’s gold production ends up as jewellery, some 10% for industrial use, while one-third goes into bars and coins held by monetary authorities and central banks around the world.

Gold is traded daily, bought and sold by individuals, funds and banks. Price is dictated by supply and demand. Currently, all the gold in the world is worth about $8 trillion.

Gold-rich provinces
Together with silver, and other base metals like copper, nickel and chromite, the Philippines’ mining industry produced Php121 billion (about $2.3 billion) in 2018, up from Php110.43 billion ($2.11 billion) in 2017.

Forbes magazine estimates the Philippines’ mineral extraction industry at $1.4 trillion. There are at least 15 Philippine provinces identified as “gold-rich”.

In the last 112 years since the opening of Benguet Mines, the first commercial mining operation in the country’s north, the industry has helped the national economy.

However, the Philippine has endured of the most persistent poverty levels in South-east Asia.

Rene B. Sarabia Jr

Rene B. Sarabia Jr

I primarily write about anything under the sun from Philosophy, History to Calculus, and a secondary job I have is also teaching languages; I am a native in the English and Filipino languages, an L2 level speaker in Spanish and L1 in Latin and am studying basic French and Arabic. I also formally studied Philosophy in the Seminary in the Order of Augustinian Recollects; in High School I majored in Creative Writing; and I am now dabbling in Computer Science. I have a brown belt in a martial art, sadly I m rusty since I havent practiced in ages; I am looking for fellow weekend warriors to spar and wrestle with.I also have passed the Philippine Civil Service Exams and I was once employed as an Office Manager in my family's Law Firm. I am the top contributor by number of edits in the Wikipedia Article about the Philippines. I also won best debator in my Order's Debate Symposium held last 2010. I also love to sing, Rock, Power Ballad and Classical are my preferred genres when performing. I am a proud Illongo from Jaro: "La Muy Y Noble" (The most loyal and noble) is our collective motto. However I am driven most by the awareness that I am the most imperfect and sinful of all people. I am an Augustinian in spirit even though I am a layman and I put Saint Augustine's words to heart: "“Nevertheless, lest the will itself should be deemed capable of doing any good thing without the grace of God, after saying, “His grace within me was not in vain, but I have laboured more abundantly than they all,” he immediately added the qualifying clause, “Yet not I, but the grace of God which was with me.” ― Augustine of Hippo, On Grace and Free Will

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Prau123 avatar
4 years ago

Philippines either has a lot of natural golds or there were a lot piracy during Spanish era and our country was an ideal place to search and stash golds? The article mention that there are gold deposits in several provinces and for this reason the country was nickname El Dorado.  If there were pirates searching for golds and stashing treasures in Philippines then we may have also a version of Captain Blood, the notorious pirate.

Komodo avatar
4 years ago

Dollar is collapsing, We as well start investing in gold.

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