“Economic growth, creates and offers jobs, provides raw materials to every sector of the economy, helps stimulate the economy” - these are the few contributions of mining not only to the economy but also to one’s life. The contribution of mining to the economy plays a vital role to the country’s economic development.
In the Bicol Region, the industry continues to be a beam of light to the local and regional economy. In CY 2019, Masbate Gold Project, the biggest mining company in the Region located in the heart of Barangay Puro, Aroroy, Masbate produced a total of Php15.6 Million for 6,760.56 kg of gold and Php137.9 Million for 5,135.92 kg of silver. The project employment marked an average of 1,972 personnel from January to December 2019.
Likewise, the Quarry and Cement Plant Project in Palanog, Camalig, Albay has extracted 197,975 MT of limestone valued at Php17.3 Million with an average employment of 34 personnel from January to December 2019.
Finally, the Legazpi Perlite Mining Project of UBS Marketing Corporation in Lamba, Legazpi City registered a total sale worth Php6.9 Million with 19 personnel employed for the period of January to December 2019.
In addition, the industry generates additional revenues through taxes and fees paid from mining and other related activities. The taxes paid by these operating mines reached an aggregate amount of Php2.8 Billion.
(Source: Minerals at a Glance CY 2019, Mineral Economics Section, MGB-V)