During the seventies, the mineral industry’s contribution to exports averaged about 20% but declined to about 10% in the late 80s. It further decreased to about 2% in the nineties. In 2003, the minerals industry contributed only 1.78% to total Philippine exports. While this can be partly attributed to the decline in international metal prices, weakening of the peso against the US dollar, depletion of existing ore reserves and to the overall expansion of the Philippine economy, the figures simply highlight the industry’s decreasing contribution to Philippine exports.