The Minerals Industry And The Economy
Table 1 - Gross National Product (GNP) And Mining Value
Added (MVA) Growth Rates in the Philippines,
1998 - Third Quarter, 2004 In Million Pesos
|
PERIOD |
GNP |
GNP Growth Rate |
MINING VALUE ADDED |
MVA Growth Rate |
|
1998 |
934,481 |
0.4% |
10,624 |
2.8% |
|
1999 |
969,334 |
3.7% |
9,736 |
-8.4% |
|
2000 |
1,036,392 |
6.9% |
10,833 |
11.3% |
|
2001 |
1,061,283 |
2.4% |
10,125 |
-6.5% |
|
2002 |
1,107,007 |
4.3% |
15,285 |
51.0% |
|
2003 |
1,168,778 |
5.6% |
17,856 |
16.8% |
|
Q1-Q3, 2004 |
896,643 |
6.2% |
14,436 |
6.2% |
It should be noted from Table 1 that the extraordinary surges (51% and 16.8%) in the mining value-added growth rates in 2002 and 2003, respectively includes the huge increase in the value-added from crude oil and natural gas production from the Malampaya Oil Rim Project. Excluding these items result to an increase of 21% and 13% for minerals alone during the years 2002 and 2003, respectively. For the third quarter of 2004, the mining and quarrying posted a 6.0% growth rate in value-added.
