Editing Economy of the Philippines (section)

===Mining and extraction===
[[File:Puhagan geothermal plant.jpg|thumb|[[Geothermal power]] station in [[Negros Oriental]]]]

The Philippines is rich in mineral and [[Geothermal power in the Philippines|geothermal energy]] resources. In 2019, it produced {{convert|1928|MW}} of electricity from geothermal sources ({{#expr:1928 / 25531 * 100 round 2}}% of total [[Electricity sector in the Philippines|electricity production]]).<ref name="DOEGovPH-2019Power">{{Cite report |last=Power Planning and Development Division, Electric Power Industry Management Bureau |title=2019 Power Situation Report |url=https://www.doe.gov.ph/sites/default/files/pdf/electric_power/2019-power-situation-report.pdf?withshield=1 |access-date=February 19, 2023 |website=[[Department of Energy (Philippines)|Department of Energy]] |page=7 }}</ref> A 1989 discovery of natural gas reserves in the [[Philippine National Oil Company|Malampaya oil fields]] off the island of [[Palawan (island)|Palawan]] is being used to generate electricity in three gas-powered plants.<ref>{{Cite book |url=https://books.google.com/books?id=GZ4oDwAAQBAJ |title=The Report: Philippines 2016 |date=April 8, 2016 |publisher=Oxford Business Group |isbn=978-1-910068-55-7 |page=[https://books.google.com/books?id=GZ4oDwAAQBAJ&pg=PA122 122] |language=en |access-date=February 27, 2023}}</ref> Philippine [[gold]], [[nickel]], [[copper]], [[palladium]] and [[chromite]] deposits are among the largest in the world.<ref>{{Cite news |last=Schneider |first=Keith |date=June 8, 2017 |title=The Philippines, a nation rich in precious metals, encounters powerful opposition to mining |work=[[Mongabay]] |url=https://news.mongabay.com/2017/06/the-philippines-a-nation-rich-in-precious-metals-encounters-powerful-opposition-to-mining/ |access-date=July 18, 2020 |archive-url=https://web.archive.org/web/20170710043841/https://news.mongabay.com/2017/06/the-philippines-a-nation-rich-in-precious-metals-encounters-powerful-opposition-to-mining/ |archive-date=July 10, 2017}}</ref><ref>{{Cite news |last=Cinco |first=Maricar |date=June 3, 2016 |title=Firm sees metal costlier than gold in Romblon sea |newspaper=[[Philippine Daily Inquirer]] |url=https://newsinfo.inquirer.net/788940/firm-sees-metal-costlier-than-gold-in-romblon-sea |access-date=July 24, 2020 |archive-url=https://web.archive.org/web/20200724163335/https://newsinfo.inquirer.net/788940/firm-sees-metal-costlier-than-gold-in-romblon-sea |archive-date=July 24, 2020}}</ref> Other important minerals include [[silver]], [[coal]], [[gypsum]], and [[sulphur]]. Significant deposits of [[clay]], [[limestone]], [[marble]], [[silica]], and [[phosphate]] exist.

About 60 percent of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58 percent.{{citation needed|date=June 2011}} Philippine mineral exports amounted to US$4.22&nbsp;billion in 2020.<ref>{{cite news |last1=Teves |first1=Catherine |title=Total mineral product export earnings rise |url=https://www.pna.gov.ph/articles/1124423 |access-date=April 13, 2023 |work=[[Philippine News Agency]] |date=December 11, 2020 |archive-url=https://web.archive.org/web/20201213051038/https://www.pna.gov.ph/articles/1124423 |archive-date=December 13, 2020}}</ref> Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.{{citation needed|date=June 2011}}

The industry rebounded starting in late 2004 when the [[Supreme Court of the Philippines|Supreme Court]] upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies.<ref>{{Cite news |last=Conde |first=Carlos H. |date=December 3, 2004 |title=Court ruling in Philippines buoys mining sector there |work=[[The New York Times]] |url=https://www.nytimes.com/2004/12/03/business/worldbusiness/court-ruling-in-philippines-buoys-mining-sector-there.html |access-date=January 15, 2021}}</ref> In 2019, the country was the 2nd largest world producer of nickel<ref>{{Cite report |last1=McRae |first1=Michele E. |url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf |title=Mineral Commodity Summaries: Nickel |publisher=[[United States Geological Survey]] |date=January 2021 |archive-url=https://web.archive.org/web/20210216133809/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-nickel.pdf |archive-date=February 16, 2021}}</ref> and the 4th largest world producer of [[cobalt]].<ref>{{Cite report |last1=Shedd |first1=Kim B. |url=https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf |title=Mineral Commodity Summaries: Cobalt |publisher=[[United States Geological Survey]] |date=January 2021 |archive-url=https://web.archive.org/web/20210213074219/https://pubs.usgs.gov/periodicals/mcs2021/mcs2021-cobalt.pdf |archive-date=February 13, 2021}}</ref> According to [[Philippine Statistics Authority]], the total monetary value of four key metallic minerals which were appraised to Class A namely: copper, chromite, gold and nickel were valued at US$9.01&nbsp;billion in 2022.<ref>{{Cite press release |title=Philippines' Class A Gold, Copper, Nickel and Chromite Resources Valued at PhP 491.19 Billion in 2022 |url=https://psa.gov.ph/content/philippines%E2%80%99-class-gold-copper-nickel-and-chromite-resources-valued-php-49119-billion-2022 |url-status=live |archive-url=https://web.archive.org/web/20230706102336/https://psa.gov.ph/content/philippines%E2%80%99-class-gold-copper-nickel-and-chromite-resources-valued-php-49119-billion-2022 |archive-date=July 6, 2023 |access-date=July 6, 2023 |website=[[Philippine Statistics Authority|PSA]]}}</ref> Class A mineral resources are commercially recoverable that could contribute to economy annually.