In 2024, the production value of metallic minerals increased from PhP249.71 billion in 2023 to PhP252.90 billion.
This represents a growth of PhP3.19 billion, or 1.28%. This impressive performance can be attributed to the robust gold market, which saw a steady price increase with an annual average of US$2,383.69 per troy ounce, compared to US$1,942.80 per troy ounce in 2023, reflecting a growth of about US$440.90 per troy ounce. Silver also experienced a notable increase, from US$23.47 per troy ounce to US$28.09 per troy ounce, marking a US$4.62 year-on-year gain. Experts anticipate that the prices of precious metals will continue to rise in 2025, influenced by current geopolitical tensions and sustained demand from central banks.