Lower prices depress PHL metals export value, says Mines Bureau

Weighed by lower commodity prices, Philippine metals outs dropped 7.89 percent in peso terms during the first half of the year, Mines and Geosciences Bureau (MGB) data released Monday showed.

Total output declined to P45.91 billion in January to June from P49.84 billion a year earlier.

"Dictated by the less upbeat world metal prices, the precious metals gold and silver and the base metals copper and nickel, all recorded negative movements during the review period," MGB noted in a report.

The Philippines exports nickel, gold and copper, as well as silver, zinc, chromite and iron.

The price of gold was down 7.70 percent to $1,524.52 per troy ounce in the first six months from $1, 651.69 per troy ounce in the same period last year.

In the same comparable period, the price of copper dropped 7.54 percent $3.39 per pound from $3.66 per pound, while nickel fell by 13.13 percent to $7.25 from $8.34 per pound, the bureau reported.

"Despite this, demand from India and Greater China (China, Hong Kong and Taiwan) remained strong," the bureau noted. – VS, GMA News