Mineral Accounts of The Philippines

TECHNICAL REPORT ON MINERAL ACCOUNTS
MINERAL ACCOUNTS
OF THE PHILIPPINES
2013-2018
Environment and Natural Resources Accounts Division

Macroeconomic Accounts Service
Sectoral Statistics Office
Philippine Statistics Authority
TERMS OF USE
Mineral Accounts of the Philippines is a publication of the

Philippine Statistics Authority (PSA). The PSA reserves exclusive
right to reproduce this publication in whatever form. Should any
portion of this publication be included in a report/article, the title of
the publication and the PSA should be cited as the source of data.
The PSA will not be responsible for any information derived from the
processing of data contained in this publication.
ISSN-2672-278X
MINERAL ACCOUNTS OF THE PHILIPPINES
FOREWORD
The Mineral Accounts of the Philippines are environmental accounts developed and
compiled by the Philippine Statistics Authority (PSA) under the Philippine Economic-
Environmental and Natural Resources Accounting (PEENRA) Project. This
compilation is an update of the pilot accounts done through the Philippine Wealth
Accounting and the Valuation of Ecosystem Services (Phil-WAVES) project in 2016.
The PSA presents this technical report on the asset accounts for mineral resources,
particularly for nickel, gold, copper, and chromite. These accounts follow the
international standard for environmental accounting – the United Nations System of
Environmental-Economic Accounting (SEEA) 2012-Central Framework.
This compilation of mineral accounts was made possible with the help of the Mines
and Geosciences Bureau (MGB) of the Department of Environment and Natural
Resources (DENR). The PSA would like to express its sincerest gratitude to the said
bureau for their data provision and technical support in this endeavor.
DENNIS S. MAPA, Ph.D.

Undersecretary
National Statistician and Civil Registrar General
Quezon City, Philippines

December 2020
PHILIPPINE STATISTICS AUTHORITY iii

LIST OF ACRONYMS AND ABBREVIATIONS
DENR Department of Environment and Natural Resources
DMPF Declaration of Mining Project Feasibility
ENRA Environment and Natural Resources Accounting
GDP Gross Domestic Product
GVA Gross Value Added
IEMSD Integrated Environmental Management for Sustainable Development
MAQ Mining and Quarrying
MGB Mines and Geosciences Bureau
MPSA Mineral Production Sharing Agreement
MRI Mineral Resource/Reserve Inventory
MT metric ton
NPV Net Present Value
NSCB National Statistical Coordination Board
PEENRA Philippine Economic-Environmental and Natural Resources Accounting
Phil-WAVES Philippine Wealth Accounting and the Valuation of Ecosystem Services
PMRC Philippine Mineral Resource/Reserve Classification
PSA Philippine Statistics Authority
SDG Sustainable Development Goals
SEEA System of Environmental-Economic Accounting
SNA System of National Accounts
UNDP United Nations Development Programme
UNFC United Nations Framework Classification for Fossil Energy and Mineral
Reserves and Resources
PHILIPPINE STATISTICS AUTHORITY v

EXECUTIVE SUMMARY
This publication presents the Mineral Accounts of the Philippines, particularly the physical
asset accounts for nickel, gold, copper, and chromite. This is an update of the pilot compilation
initially done in 2016 under the Philippine Wealth Accounting and the Valuation of Ecosystem
Services (Phil-WAVES).
Divided into five sections, this report describes the concepts, methodologies, preliminary
results and future directions of the study. The introductory part defines the objectives of this
study and provides some background on the mineral industry as well as the initiatives on
environmental accounting in the country. The second part describes the UN System of
Environmental-Economic Accounting 2012 Central Framework (SEEA CF) and its
recommended classification of mineral resources. The next section is a discussion of the
operationalization of the conceptual framework in the Philippines, including the scope and
coverage, data source, and estimation methodology. The main part of this technical report
follows, with a discussion of the preliminary results and analysis of this study. Finally, a
summary of the study and plans for future compilation is presented. The bibliography and
appendix tables of the accounts are also included in this report.
The SEEA CF serves as the framework for this study. This is a multi-purpose framework for
measuring the environment and its interaction with the economy.
This report includes physical asset accounts for nickel, gold, copper, and chromite reserves
of the Philippines from 2013 to 2018, which were compiled using data from the Mines and
Geosciences Bureau (MGB) of the Department of Environment and Natural Resources
(DENR). The accounts provide information on the available stocks of these metallic minerals
at the start and end of each year, as well as the changes that occurred in the stocks. These
mineral resources were also classified as follows: Class A, commercially recoverable
resources; Class B, potentially commercially recoverable resources; and Class C, non-
commercial and other known deposits.
The following part presents the results covering the four metallic minerals in the Philippines,
namely: nickel, gold, copper, and chromite.
Nickel
The total nickel reserves in the Philippines increased by 1.5 percent, from 2.02 billion metric
tons (MT) in 2013 to 2.05 billion MT in 2018. Among the three classes, Class A was largest in
2013, while Class C consistently has the highest share from 2014 to 2018, comprising of 49
to 54 percent of the total reserves. Class A nickel reserves decreased by more than 84 million
MT or around eight percent of the 1.03 billion MT of reserves during the period 2013 - 2018.
PHILIPPINE STATISTICS AUTHORITY vii

Although the stock of Class A nickel showed a steady decrease from 2013 to 2017, a large
increase was recorded in 2018 due to upward reappraisals amounting to more than 119 million
MT. Meanwhile, Class B nickel reserves hugely declined from 108.8 million MT in 2013 to 28.4
million MT in 2016 and down to zero in 2017 and 2018 due to reclassifications. Lastly, due to
the entrance of new players, reclassifications and reappraisals, Class C nickel reserves
increased from 880 million MT of reserves in 2013 to 1.1 billion MT in 2018.
Gold
The total gold reserves in the Philippines increased by 0.8 percent from 4.85 million kilograms
in 2013 to 4.89 million kilograms in 2018. Gold reserves were dominated by Class C reserves
or the non-commercial and other known deposits. In 2018, 60.4 percent of gold reserves
belong to Class C, 26.4 percent belong to Class B and 13.3 percent belong to Class A.
Reclassifications were recorded from 2013 to 2016, ranging from 0.35 million kilograms to
0.01 million kilograms. In 2015, around 0.33 million kilograms of gold reserves were
reclassified from Class C to either Class A or Class B. In terms of reappraisal, a large increase
was posted for Class A gold reserves in 2017 due to upward reappraisals amounting to around
0.08 million kilograms. As a result of upward reappraisal and reclassification, Class A gold
reserves increased by 19.5 percent from 0.54 million kilograms in 2013 to 0.65 million
kilograms in 2018. Meanwhile, Class B gold reserves increased by 20.9 percent from 1.07
million kilograms in 2013 to 1.29 million kilograms in 2018.
Copper
From 2013 to 2018, total copper reserves in the country remained at the same level, at around
1.14 billion MT. This is mainly attributed to the non-activity of copper reserves consisting of
the following averages: (1) Class C - 83.8 percent; (2) Class B – 12 percent; and (3) Class
A – 4.2 percent. By class however, Class A copper reserves increased from 4.25 million MT
in 2013 to 1.3 million MT in 2018, Class B copper reserves increased hugely from 4.85 million
MT in 2013 to 136.94 in 2018, and Class C copper reserves decreased from 1.13 billion MT
in 2013 to 0.86 billion MT in 2018. The changes were mainly due to reappraisals,
reclassifications and extractions. Extractions of Class A reserves also showed a steady
decrease, from 90.9 thousand MT in 2013 to 69.9 thousand in 2018.
Chromite
The total chromite reserves in the Philippines increased by 11.21 percent from 40.33 million
MT in 2013 to 44.86 million MT in 2018. Among the three classes, Class C chromite reserves
had the biggest share with an average volume of 34.93 million MT from 2013 to 2018. In said
years, several reclassifications were recorded. In 2016, a total of 5.11 million MT was
viii PHILIPPINE STATISTICS AUTHORITY

reclassified from Class A to Class B. In the following year, it was reclassified from Class B to
Class C. In terms of reappraisals, one upward reappraisal in Class C amounting to 4.68 million
MT was recorded in 2017. As a result, chromite reserves notably increased in 2017. Due to
extractions and reclassification, Class A chromite dropped by 61.31 percent from 8.58 million
MT reserves in 2013 to 3.32 million MT in 2018. Meanwhile, Class B reserves had the lowest
share among the three classes.
Taking off from these physical asset accounts, the next step is the compilation of monetary
asset accounts. These accounts will provide key inputs on the eventual estimation of
macroeconomic indicators adjusted for the depletion of natural resources as well as measures
of comprehensive wealth. Moreover, the compilation of asset accounts for non-metallic
minerals, such as limestone, marble, sand and gravel, will widen the scope of the mineral
accounts. With its increasing importance to the country’s economy, it is imperative to account
for non-metallic minerals to monitor the sustainability of its extraction.
PHILIPPINE STATISTICS AUTHORITY ix

TABLE OF CONTENTS
FOREWORD iii
LIST OF ACRONYMS AND ABBREVIATIONS v
EXECUTIVE SUMMARY vii
LIST OF TABLES AND APPENDICES xii
LIST OF FIGURES xiii
1 | INTRODUCTION 1
Background 1
Objectives of the Study 2
2 | REVIEW OF COUNTRY EXPERIENCES 3
Local 3
International 4
3 | CONCEPTUAL FRAMEWORK 7
Scope and Coverage 7
Framework for the Asset Accounts for Mineral Resources 7
3 | OPERATIONALIZING THE FRAMEWORK 11
Scope and Coverage 11
Sources of Data 11
Estimation Methodology 11
4 | RESULTS AND DISCUSSION 14
Nickel 14
Gold 18
Copper 22
Chromite 25
5 | SUMMARY AND NEXT STEPS 29
APPENDIX 31
BIBLIOGRAPHY 39
DEFINITION OF TERMS 41
PHILIPPINE STATISTICS AUTHORITY xi

LIST OF TABLES AND APPENDICES
Table 1. Categorization of mineral and energy resources ..................................................... 8

Table 2. Structure of physical asset account for mineral resources ....................................... 9
Table 3. Structure of monetary asset account for mineral resources ................................... 10
Appendix Table 1. Physical asset account: Total nickel reserves, in ore, in million metric tons
........................................................................................................................................... 31
Appendix Table 2. Physical asset account: Class A nickel reserves, in ore, in million metric
tons ..................................................................................................................................... 31
Appendix Table 3. Physical asset account: Class B nickel reserves, in ore, in million metric
tons ..................................................................................................................................... 40
Appendix Table 4. Physical asset account: Class C nickel reserves, in ore, in million metric
tons ..................................................................................................................................... 40
Appendix Table 5. Physical asset account: Total gold reserves, in metal content, in million
kilograms ............................................................................................................................ 33
Appendix Table 6. Physical asset account: Class A gold reserves, in metal content, in million
kilograms ............................................................................................................................ 33
Appendix Table 7. Physical asset account: Class B gold reserves, in metal content, in million
kilograms ............................................................................................................................ 34
Appendix Table 8. Physical asset account: Class C gold reserves, in metal content, in million
kilograms ............................................................................................................................ 34
Appendix Table 9. Physical asset account: Total copper reserves, in metal content, in million
metric tons .......................................................................................................................... 35
Appendix Table 10. Physical asset account: Class A copper reserves, in metal content, in
million metric tons ............................................................................................................... 35
Appendix Table 11. Physical asset account: Class B copper reserves, in metal content, in
Appendix Table 12. Physical asset account: Class C copper reserves, in metal content, in
Appendix Table 13. Physical asset account: Total chromite reserves, in ore, in million metric
tons ..................................................................................................................................... 37
Appendix Table 14. Physical asset account: Class A chromite reserves, in ore, in million
metric tons .......................................................................................................................... 37
Appendix Table 15. Physical asset account: Class B chromite reserves, in ore, in million
metric tons .......................................................................................................................... 38
Appendix Table 16. Physical asset account: Class C chromite reserves, in ore, in million
metric tons .......................................................................................................................... 38
xii PHILIPPINE STATISTICS AUTHORITY

LIST OF FIGURES
Figure 1. Total Nickel Reserves by Class, 2013-2018 ......................................................... 14

Figure 2. Net Reclassifications by Class, 2013-2018........................................................... 15
Figure 3. Stock of Class A Nickel Reserves, ....................................................................... 16
Figure 4. Extractions of Class A Nickel Reserves, ............................................................... 16
Figure 5. Net Reappraisals in Class A Nickel Reserves, 2013-2018 ................................... 16
Figure 6. Net Reclassifications of Class A Nickel Reserves, 2013-2018.............................. 16
Figure 7. Stock of Class B Nickel Reserves, ....................................................................... 16
Figure 8. Net Reclassifications in Class B Nickel Reserves, 2013-2018 .............................. 16
Figure 9. Net Reappraisals in Class C Nickel Reserves, 2013-2018 ................................... 17
Figure 10. Stock of Class C Nickel Reserves, ..................................................................... 17
Figure 11. Net Reclassifications in Class C Nickel Reserves, 2013-2018............................ 17
Figure 12. Total Gold Reserves by Class, 2013-2018 ......................................................... 18
Figure 13. Net Reclassifications by Class, 2013-2018......................................................... 19
Figure 14. Stock of Class A Gold Reserves, 2013-2018...................................................... 20
Figure 15. Extractions of Class A Gold Reserves, ............................................................... 20
Figure 16. Net Reappraisal in Class A Gold Reserves, 2013-2018 ..................................... 20
Figure 17. Net Reclassifications in Class A Gold Reserves, 2013-2018 .............................. 20
Figure 18. Net Reappraisal of Class B Gold Reserves, 2013-2018 ..................................... 30
Figure 19. Stock of Class B Gold Reserves, ....................................................................... 30
Figure 20. Net Reclassifications in Class B Gold Reserves, 2013-2018 .............................. 30
Figure 21. Net Reappraisal in Class C Gold Reserves, 2013-2018 ..................................... 22
Figure 22. Stock of Class C Gold Reserves, ....................................................................... 22
Figure 23. Net Reclassifications in Class C Gold Reserves, 2013-2018 .............................. 22
Figure 24. Total Copper Reserves by Class, 2013-2018 ..................................................... 22
Figure 26. Stock of Class A Copper Reserves, ................................................................... 24
Figure 27. Extractions of Class A Copper Reserves, 2013-2018 ......................................... 24
Figure 28. Net Reappraisals in Class A Copper Reserves, 2013-2018 ............................... 24
Figure 29. Net Reclassifications in Class A Copper Reserves, 2013-2018 .......................... 24
Figure 30. Stock of Class B Copper Reserves, ................................................................... 24
Figure 31. Net Reclassifications in Class B Copper Reserves, 2013-2018 .......................... 24
Figure 32. Net Reappraisals in Class C Copper Reserves, 2013-2018 ............................... 25
Figure 33. Stock of Class C Copper Reserves, 2013-2018 ................................................. 25
Figure 34. Net Reclassifications in Class C Copper Reserves, 2013-2018.......................... 25
Figure 35. Total Chromite Reserves by Class, 2013-2018 .................................................. 26
Figure 37. Extractions of Class A Chromite Reserves, 2013-2018 ...................................... 27
Figure 38. Stock of Class A Chromite Reserves, 2013-2018 ............................................... 27
Figure 39. Net Reclassifications of Class A Chromite Reserves, 2013-2018 ....................... 27
Figure 40. Stock of Class B Chromite Reserves, ................................................................. 28
Figure 41. Net Reclassifications in Class B Chromite Reserves, 2013-2018 ....................... 28
Figure 42. Net Reappraisals of Class C Chromite Reserves, 2013-2018 ............................ 28
Figure 43. Stock of Class B Chromite Reserves, 2013-2018 ............................................... 28
Figure 44. Net Reclassifications of Class C Chromite Reserves, 2013-2018....................... 28
PHILIPPINE STATISTICS AUTHORITY xiii

1 | INTRODUCTION
Background
Mineral resources are identified as non-renewable resources, which implies that once
extracted, it is considered depleted. Mineral is defined as naturally occurring, solid, inorganic
element having an internal structure and chemical composition (NAMRIA,1991). Minerals are
important as they have numerous uses in the daily lives of people. They are essential in
producing many industrial products, such as jewelry, utensils, appliances, electrical and
electronic gadgets, and coins.
The Philippines is endowed with rich mineral resources due to its strategic location along the
Pacific Rim of Fire. According to the Mines and Geosciences Bureau (MGB), about 30 percent
(or 9 million hectares) of the Philippines’ total land area of 30 million hectares, is identified as
having high mineral potential. In January 2019, 2.34 percent or 702.7 thousand hectares of
the total land area was covered by mining tenements. Among the minerals found in the country
are nickel, copper, gold, chromite, iron, lead and manganese. In 2018, a total of forty-eight
(48) operating metallic mines were recorded. Out of these forty-eight (48), thirty (30) were
nickel operating mines.
The mining industry plays a consequential role in economic development by generating

employment opportunities, business development, increased fiscal revenues, and
infrastructure linkages (UNDP, 2018). In 2018, the mining industry contributed 0.6 percent to
the Gross Domestic Product (GDP). The Gross Value Added (GVA) of Mining and Quarrying
(MAQ) at constant prices amounted to PhP 103.5 billion. The total estimated production value
for metallic minerals was PhP 121.9 billion in 2018. The estimated value of nickel and nickel
products was PhP 55.2 billion, equivalent to 45.3 percent of the total estimated production
value for metallic minerals. The export of minerals and mineral products amounted to US$ 4.3
billion with copper, gold and nickel as the country’s top mineral exports. Moreover, the mining
industry contributed to PhP 25.7 billion paid taxes in 2017. It also employed 0.5 percent (or
207 thousand workers) of the total employment in the country.
Due to the great importance of mineral resources, it is significant to monitor its stocks and
changes in stocks for sustainable extractions. In 2013, the World Bank launched the Philippine
Wealth Accounting and the Valuation of Ecosystem Services (Phil-WAVES) to start their goal
in mainstreaming natural capital development planning and national economic accounts. In
2016, Phil-WAVES published the Mineral Accounts of the Philippines containing both the
physical and monetary asset accounts from 2002 to 2012. This report contains the update of
the physical asset accounts of nickel, gold copper, and chromite from 2013 to 2018.
PHILIPPINE STATISTICS AUTHORITY 1

Objectives of the Study
The Philippine Statistics Authority, by virtue of the Republic Act 10625, otherwise known as
the Philippine Statistical Act of 2013, is mandated to plan, develop, prescribe, disseminate
and enforce policies, rules and regulations and coordinate government-wide programs
governing the production of official statistics, general-purpose statistics, and civil registration
services.
The PSA is also tasked to support the institutionalization of the System of Environmental-
Economic Accounting 2012 - Central Framework (SEEA 2012-CF), by developing
environmental accounts, such as the physical and monetary asset accounts for mineral
resources.
Since mineral resources are unique types of environmental assets that cannot be renewed on
any human timescale, there is a particular interest in understanding the rate at which these
assets are extracted and depleted. The information from asset accounts can be used to
facilitate the management of environmental assets, taking into consideration the sustainable
use of mineral resources and the capacity of the environment in providing natural inputs to the
economy and society. In addition, the compilation of the mineral accounts will allow for the
development of macroeconomic indicators that will support the planning and policymaking of
relevant agencies and organizations.
2 PHILIPPINE STATISTICS AUTHORITY

2 | REVIEW OF COUNTRY EXPERIENCES
Local
In 1991, the compilation of the first natural resources accounts was conducted by the former
National Statistical Coordination Board (NSCB), funded by the US Agency for International
Development (USAID) as a project under the Department of Environment and Natural
Resources (DENR). This first set of accounts adopted the Peskin framework1 for the
development of the database for environmental accounting and generation of a number of
parameters/assumptions.
Relatedly, in 1995, a project under the United Nations Development Programme’s (UNDP)
Country Program on Integrated Environment Management for Sustainable Development
(IEMSD) was implemented by the NSCB, as a component of SEEA and adopted the UN SEEA
1993 framework, a satellite account of the System of National Accounts. The national accounts
developed for minerals covered six commodities: gold, copper, chromite, nickel, iron, and
manganese. Only gold, copper, and chromite were valued using the Net Present Method
(NPM) and the unit User Cost Method (UCM) or EI Serafy Method (ESM). Following the
specific feature of the accounts structure of the 1993 SEEA framework relative to the flow of
assets, three major categories emerged, namely: a) extraction; b) other accumulation -
changes due to economic decisions; and c) other volume changes - other changes due to
decisions, other than economic.
In 1998, the ENRA II project was launched, focusing on the development and enhancement
capacities for environmental and natural resource accounting. The fundamental objective was
to institutionalize the generation and utilization of the Philippine Economic-Environmental and
Natural Resources Accounting (PEENRA). Mineral accounts developed at the national level
were pilot-tested at the sub-national level in Cordillera Administrative Region under the former
1
The Peskin model “explicitly accounts for economically valuable services of natural resources and the
environment as a medium for the disposal of wastes, a supplier of recreational services, aesthetics, and life support
of species” (ENRAP,1991).

NSCB Regional Unit and in Palawan through the Palawan Council for Sustainable
Development Staff (PCSDS).
In 2014, the Philippine Statistics Authority developed and compiled the Mineral accounts of
the Philippines under the Wealth Accounting and the Valuation of Ecosystem Services
(WAVES) project under the World Bank. It aimed to help countries build accounts for natural
capital and ensure that their significance and benefits are incorporated in development
programs and policies and support of sustainable development. The Phil-WAVES supported
the institutionalization of selected modules of the SEEA 2012, a multipurpose conceptual
framework developed by the United Nations to facilitate understanding of the interactions
between the environment and the economy. Since the Philippines has one of the world’s
richest deposits of mineral resources, the compilation covered minerals such as gold, copper,
nickel, and chromite. The accounts compiled by the Phil-WAVES project provided an
assessment of the available stocks, in physical and monetary terms, of the four resources at
the beginning and the end of the year, covering the changes that affect the stocks. The mineral
resources/reserves were classified according to the United Nations Framework Classification
to Fossil and Mineral Reserves and Resources 2009, an internationally applicable and
acceptable classification system used to build resource inventory. In monetary terms, the Net
Present Value (NPV) was applied to the valuation of mineral resources, which focused only
on Class A reserves. The generated accounts covered 11 years, from 2002 -2012.
International
1. Australia
The Australian Bureau of Statistics (ABS) published the first edition of the Mineral Account,
Australia, in 1998. It followed the Integrated Environmental and Economic Accounting – SEEA
(UN, 1993a) and the complementary framework System of National Accounts 1993 (UN,
1993b). A physical account was developed to quantify Australia's "naturally occurring mineral
and petroleum resources" (ABS, 1998).

The mineral account focused on an environmental account's two core components: the stock
table and flow table. The stock table showed the level or amount of mineral resource from
1985 to 1996. The Bureau of Resource Sciences (BRS) was the primary data source of the
stock table. To classify the mineral resources, ABS adapted the McKelvey Box, which BRS
used in its data compilation. According to two characteristics, the McKelvey Box cross-
classified subsoil assets: 1) the degree of geological assurance and 2) the degree of economic
feasibility of reserves. The resource categories2 of Australia's mineral account are: 1)
economic demonstrated resources (EDR) – resources with a very high degree of geological
assurance and for which extraction is expected to be profitable at the price and technology
prevailing at the time the assessment was undertaken; 2) sub-economic demonstrated
resources (SDR) – resources with a very high degree of geological assurance but for which
extraction is not expected to be profitable over the life of the mine due to high production costs
relative to the prevailing commodity price; and 3) inferred resources (IFR).
The changes through time in the mineral account were also recorded as other volume
changes. These include production, discoveries, reclassification for technical and economic
reasons, industry revision, and other changes not elsewhere classified.
The flow table was compiled for the years 1992-1993 and 1993-1994. The flow table aimed to
show the movement of mineral resources from extraction to productive use. It was compiled
based on the classification and concepts of the Input-Output. In addition, several assumptions
were made in the compilation of the flow table, including the same commodity prices across
all industries and end-users.
The flow table's supply estimates are the sum of production and imports of the commodity,
while the use data were derived from the Input-Output Supply and Use Tables in monetary
terms that were then applied to the total supply estimates in physical terms.
At present, the Australian Bureau of Statistics compiles mineral and petroleum exploration on
a quarterly basis.
2Definition of resource categories are from Australian Bureau Statistics. 19 March 1998. Mineral Account,
Australia, 1996.

2. Botswana
In 2004, Lange and Wright's study included manufactured capital, natural capital, and net
foreign financial assets to expand the measurement of Botswana’s wealth.3 The said study
attempted to investigate natural capital transformation to other forms of wealth in resource-
rich countries like Botswana. The Department of Environmental Affairs and the Centre for
Applied Research also prepared a set of mineral accounts in 2007 and a preliminary report for
WAVES project in 2014. In May 2016, the Economic Accounting of Mineral Resources'
technical report in Botswana was released under the WAVES project, a partnership project
between the Government of Botswana (GoB) and the World Bank.
Botswana’s mineral account under the WAVES project aimed to reflect the importance and
role of mining sector in the country’s economic growth. The study followed the 2012 SEEA
Central Framework and 2008 SNA. It accounted for the following mineral resources:
diamonds, copper-nickel and cobalt, coal, soda ash and salt, and gold. In addition, the mineral
account was in physical and monetary accounts.
3 LANGE, G., & WRIGHT, M. (2004). Sustainable development in mineral economies: The example of
Botswana. Environment and Development Economics, 9(4), 485-505. doi:10.1017/S1355770X04001469

3 | CONCEPTUAL FRAMEWORK
Scope and Coverage
The System of Environmental-Economic Accounting 2012 Central Framework (SEEA 2012 –

CF) serves as the framework for this study. It is a multi-purpose conceptual framework that
aims to measure the interactions between the economy and the environment. It is also a
statistical framework that consists of a comprehensive set of tables and accounts which guides
the compilation of consistent and comparable statistics and indicators for policymaking,
analysis, and research.
The SEEA CF covers measurement in three main areas: (1) the flows of water, energy and
materials within the economy and between the economy and the environment; (2) the
economic activity and transactions related to the environment; and (3) the stocks of and the
changes in these stocks of environmental assets, such as mineral and energy resources,
which is the main focus of this study.
Framework for the Asset Accounts for Mineral Resources
Mineral resources include deposits of non-metallic and metallic minerals which are generally
found underground. Hence, the quantity of resources that one might reasonably expect to be
extracted is not known with any large degree of precision. A key factor in the measurement of
mineral resources is the concentration and quality of mineral in ore deposits, which influence
the likelihood and cost of extraction and the degree of confidence in quantity that can be
sustainably extracted in the future.
The SEEA Central Framework recommends the use of the United Nations Framework
Classification for Fossil Energy and Mineral Resources (UNFC-2009) in classifying mineral
resources. UNFC-2009 is a generic and flexible scheme for classifying and evaluating
quantities of mineral and energy resources based on three fundamental criteria as follows:
a. Economic and social viability (E): the degree of favorability of economic and social
conditions in establishing the commercial viability of the project;
b. Field project status and feasibility (F): the maturity of studies and commitments
necessary to implement mining plans or development projects; and
c. Geological knowledge (G): the level of certainty of geologic knowledge and of potential
recoverability of quantities of the resource concerned.

Through the combination of these criteria, known deposits of the mineral and energy resources
are categorized into three classes:
a. Class A: Commercially recoverable resources

b. Class B: Potentially commercially recoverable resources
c. Class C: Non-commercial and other known deposits
An overview of how these classes are defined is found below on Table 1.
Table 1. Categorization of mineral and energy resources

Corresponding UNFC-2009 project categories
SEEA classes
E F G
Economic and Field project status Geologic

social viability and feasibility knowledge
A: Commercially E1. Extraction and sale F1. Feasibility of extraction

recoverable resources have been confirmed to be by a defined development
economically viable project or mining operation
has been confirmed
B: Potentially commercially E2. Extraction and sale F2.1 Project activities are
recoverable resources are expected to become on-going to justify
economically viable in the development in the
foreseeable future foreseeable future
Or
F2.2 Project activities are

on hold and/or where
Known deposits justification as a
commercial development
may be subject to Quantities associated with
significant delay a known deposit that can
C: Non-commercial and E3. Extraction and sale F2.2 Project activities are be estimated with a high
other known deposits are not expected to on hold and/or where (G1), moderate (G2) or
become economically justification as a low (G3) level of
viable in the foreseeable commercial development confidence.
future or evaluation is at may be subject to
too early a stage to significant delay
determine economic
viability
Or
F2.3 There are no current

plans to develop or
acquire additional data at
the time due to limited
potential
Or
F4. No development
project or mining operation
has been identified
Potential Exploration projects E3. Extraction and sale F3. Feasibility of extraction Estimated quantities
deposits Additional quantities in are not expected to by a defines development associated with potential
(not included in place become economically project or mining operation deposit, based primarily
SEEA) viable in the foreseeable cannot be evaluated due on indirect evidence (G4)
future or evaluation is at to limited technical data
too early a stage to
determine economic
viability
Or
F4. No development
project or mining operation
has been identified

Asset accounts for mineral resources organize relevant information covering the quantities
and values of stocks of these resources and changes in stocks over accounting periods. The
asset accounts can be presented in physical and monetary terms.
Accounting for the flows of extraction, losses, discoveries as well as other changes such as
reappraisals and reclassifications in physical terms is central to the mineral asset accounts.
These changes are defined as follows:
a. Discoveries – these include the quantity of new “known” deposits found during an
accounting period.
b. Reappraisals – these relate to the changes that arise due to reassessment of quality
and quantity of stock, and economic viability of extraction (including development of
extraction technology). Reappraisals may be upward or downward.
c. Extraction – these are the quantity of mineral and energy resources that are physically
removed from the deposit. Estimates of extraction should exclude the mining overburden
and include illegal extraction, either by residents or non-residents.
d. Catastrophic losses – these rarely occur with energy resources. Catastrophes such as
collapsing of mines may occur but this does not reduce the stocks of the resources.
However, catastrophes such as instability of oil wells may result to losses in the
resources itself and these should be recorded as catastrophic losses.
e. Reclassifications – these occur when there is a change in the classification of the
deposits due to factors such as government-ordered or voluntary suspension of
operations.
A basic physical asset account for mineral and energy resources is shown below in Table 2.
This is compiled by type of resources, each with the same unit of measurement, and by class
of resource.
Table 2. Structure of physical asset account for mineral resources

Type of mineral resource
(Class A: Commercially recoverable resources)
Non-metallic minerals Metallic minerals

(tonnes) (thousands of tonnes)
Opening stock
Additions to stock
Discoveries
Upward reappraisals
Reclassifications
Total additions to stock
Reductions in stock
Extractions
Catastrophic losses

Downward reappraisals
Reclassifications
Total reductions in stock
Closing stock
The monetary account valuates the physical stocks and changes in stocks of mineral
resources. The structure of these accounts is similar with that of the physical, but with an
additional entry: revaluations. Revaluations occur due to changes either in resource prices
over the accounting period or in assumptions underlying the Net Present Value (NPV)
approaches that are typically used to value mineral resources.
The basic structure of monetary asset accounts is shown below in Table 3.
Table 3. Structure of monetary asset account for mineral resources

Type of mineral resource
(Class A: Commercially recoverable resources)
Non-metallic minerals Metallic minerals

(tonnes) (thousands of tonnes)
Opening stock
Additions to stock
Discoveries
Upward reappraisals
Reclassifications
Total additions to stock
Reductions in stock
Extractions
Catastrophic losses
Downward reappraisals
Reclassifications
Total reductions in stock
Revaluations
Closing stock
Due to the uncertainty in the expected extraction profile and incomes of types of reserves, it
is recommended that only Class A deposits be valued. Moreover, if valuation for Class B and
Class C deposits are estimated, values for each type should be clearly distinguished.

3 | OPERATIONALIZING THE FRAMEWORK
Scope and Coverage
Mineral resources are non-renewable natural resources categorized into metallic and non-
metallic. Most of the country’s metallic minerals are gold, copper, chromite, nickel, iron, cobalt,
platinum, silver, mercury, manganese, molybdenum, and zinc. These metallic minerals are
extracted from major deposits located in Luzon and Mindanao.
In line with the System of Environmental Economic Accounting – Central Framework (SEEA
– CF 2012), the PSA has been engaged in the development of environmental accounts in
support to the institutionalization of the framework in the Philippines. The PSA has updated
the physical asset accounts for mineral resources, the main area of this report.
The current compilation of mineral asset accounts focused only on the metallic minerals,
specifically: nickel; gold; copper; and chromite.
Sources of Data
The data for estimating the physical asset accounts were sourced from the Mines and
Geosciences Bureau (MGB) of the Department of Environment and Natural Resources
(DENR). The PSA likewise compiled data from the Mineral Resource/Reserve Inventory of the
Philippines (MRI), as well as the production data for nickel, copper, gold and chromite from
2000 to 2018. The List of Existing Mineral Production Sharing Agreement (MPSA) was also
used as a reference in the estimation.
Estimation Methodology
A. Classification
Pursuant to Department Administrative Order (DAO) 2010-09 issued by the Department of

Environment and Natural Resources, the classification system adopted in the Philippines for
mineral resources and reserves follows the Philippine Mineral Resource/Reserve
Classification (PMRC). Using the PMRC, mineral resources are classified as inferred,
indicated, and measured, while mineral reserves are classified as probable and proved. To
align the PMRC and UNFC-2009 as recommended by the SEEA 2012, a localized evidence-
based classification system was adopted by the Phil-WAVES team in compiling the pilot
mineral asset accounts. This localized classification system is adopted in this compilation, with
some modifications due to limitations on the available data and administrative forms.
When a mining company has records on production for the reference year or it has a
Declaration of Mining Project Feasibility (DMPF) approved by the Mines and Geosciences
Bureau, it is classified as Class A. The DMPF manifests that feasibility studies were

conducted, and economic and social viability as well as field project feasibility have been
established.
Class B, on the other hand, indicates a need for justification of the reserves’ economic viability
in the foreseeable future. A mining company which is not yet producing during the reference
year but has production in succeeding years is categorized as Class B. Also, a mining
company with a DMPF awaiting the approval of MGB is considered Class B. Temporary
suspension or halted production of one year also places a mining company under this class.
Mining companies with no recorded production at all, did not apply for DMPF or has an expired
contract with no application for renewal are classified as Class C. Companies which have
permanently stopped operation or suspended for two or more years are also under Class C.
B. Opening and Closing Stocks
The data on tonnage of mineral resources and reserves from the MRI were recorded as
closing stocks. From 2000 to 2015, tonnage of mineral resources and reserves were lumped.
However, from 2016 onwards, the MRI, following the PMRC, presents the data into mineral
resources and reserves, with subcategories as mentioned above.
For reference periods 2013 to 2015, tonnage is recorded as closing stocks. On the other hand,
closing stocks from 2016 to 2018 were calculated as the sum of mineral resources and
reserves, excluding inferred mineral resources. This was done to preserve the consistency
and comparability of the dataset.
The physical accounts for nickel and chromite present data in ore form while physical accounts
for gold and copper are expressed in metal contents. Metal content is computed by multiplying
the tonnage by the grade of the mineral reserve.
C. Changes in Stocks
C.1. Discoveries
As they are not explicitly defined from the MRI, discoveries were derived from the closing
stocks. The reserves were recorded as discoveries on the year of approval of the contractor’s
MPSA – an agreement the government grants a contractor the right to mine within a contract
area. If year of MPSA approval is unknown, discovery is recorded as the year of first record in
the MRI or one year before the first record of production, whichever is earlier.

C.2. Reclassifications
A reclassification is recorded on the current year when the reserves of a mining company are
reclassified on the following year.
C.3. Upward and downward reappraisals
Similar to discoveries, reappraisals are not recorded in the MRI but were derived using the
closing and opening stocks. According to the SEEA-CF and as a general rule in accounting,
the closing stock of the current period should be equal to the opening stock of the following
period. Hence, reappraisals are calculated as balancing items. These amounts can be
attributed to re - assessment of previously known reserves, discoveries of new reserves by
existing contractors, or extractions not previously accounted in the reserves’ inventory, among
others.
C.4 Extractions
Data on the annual production of each mining company is available from the Mines and
Geosciences Bureau. These were recorded as extractions.

4 | RESULTS AND DISCUSSION
Nickel
Total Nickel Reserves

The total nickel reserves in the Philippines increased by 1.5 percent, from 2.02 billion metric
tons (MT) in 2013 to 2.05 billion MT in 2018. As shown in Figure 1, the stock of nickel showed
a decrease in levels from 2013 to 2017 due to stable nickel production and reclassifications;
while an increase was posted in 2018 due to upward reappraisals amounting to more than
119 million MT. Among the three classes, Class A was largest in 2013, while Class C
consistently had the highest share from 2014 to 2018, comprising 49 to 54 percent of the total
reserves.
2.50
Total Nickel Reserves (in billion MT)
2.00
1.50
1.00
0.50
-
2013 2014 2015 2016 2017 2018
Class A Reserves Class B Reserves Class C Reserves
Figure 1. Total Nickel Reserves by Class, 2013-2018

Source of basic data: Mines and Geosciences Bureau
Figure 2 shows the reclassifications of nickel reserves. In 2014, more than 104 million MT of
nickel reserves were reclassified from Class B to C. These reserves are under mining
contractors which stopped operation for more than one year. A similar scenario was observed
in 2016, with reserves amounting to more than 72 million MT reclassified to Class C. In 2017,
more than 24 million MT of reserves were reclassified to Class C as some mining contractors
were ordered by the Department of Environment and Natural Resources (DENR) to stop their
operations due to violations of environmental regulations.

150.00
Net Reclassifications (in million MT)
100.00
50.00
-
2013 2014 2015 2016 2017 2018
(50.00)
(100.00)
Class A Class B Class C
Figure 2. Net Reclassifications by Class, 2013-2018

Class A Nickel Reserves
Class A nickel reserves decreased by more than 84 million MT or eight percent of the 1.03
billion MT of reserves during the period 2013 to 2018. As reflected in Figure 3, the stock of
Class A nickel showed a steady decrease from 2013 to 2017. This can be attributed to stable
production and reclassifications recorded during the period. From 2013 to 2018, nickel
production ranged from 25 to 35 million MT, with the highest recorded in 2014 due to the
entrance of new players, increased mine output and growing demand abroad – as reported
by the MGB (Figure 4). A large increase in Class A nickel reserves was posted in 2018 due to
upward reappraisals amounting to more than 119 million MT (Figures 3 and 5).
Figure 6 shows the net reclassification of Class A nickel reserves. From 2013 to 2016,
reclassifications from Class A to B were recorded due to temporary halt in production of some
mining contractors. In 2017, around 3.5 million MT Class B reserves were reclassified to
Class A as some mining contractors commenced or resumed nickel extraction.

1.20 40.00
35.00
Extraction (in million MT)

Class A Nickel Reserves
1.00
30.00
(in billion MT)
0.80
25.00
0.60 20.00
15.00
0.40
10.00
0.20
5.00
- -
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
Figure 3. Stock of Class A Nickel Reserves, Figure 4. Extractions of Class A Nickel Reserves,
2013-2018 2013-2018
120.00 10.00
100.00 -
Net Reclassification
Net Reappraisals
80.00 2013 2014 2015 2016 2017 2018

(in million MT)
(in million MT)

(10.00)
60.00
(20.00)
40.00
(30.00)
20.00
- (40.00)
2013 2014 2015 2016 2017 2018
(20.00) (50.00)
Figure 5. Net Reappraisals in Class A Nickel Reserves, Figure 6. Net Reclassifications of Class A Nickel
2013-2018 Reserves, 2013-2018
Class B Nickel Reserves
Class B nickel reserves declined hugely from 108.8 million MT in 2013 to 28.4 million MT in
2016 and down to zero in 2017 and 2018. The changes in stocks of Class B reserves were
due to reclassifications. When a mining company shifts from the exploration stage to
commercial production, reserves are reclassified from Class B to Class A. Meanwhile, when
a mining company suspends its operation for more than one year, reserves are reclassified
from Class B to Class C.
0.12 60.00
Class B Nickel Reserves
0.10 40.00
Net Reclassification
20.00
(in billion MT)
0.08
(in million MT)
-
0.06 2013 2014 2015 2016 2017 2018
(20.00)
0.04 (40.00)
0.02 (60.00)
(80.00)
-
2013 2014 2015 2016 2017 2018 (100.00)
Figure 7. Stock of Class B Nickel Reserves, Figure 8. Net Reclassifications in Class B Nickel
2013-2018 Reserves, 2013-2018

Class C Nickel Reserves
Class C nickel reserves increased by more than 224 million MT, from 880 million MT of
reserves in 2013 to 1.1 billion MT in 2018. As seen in Figure 10, the stock of Class C nickel
showed a steady increase from 2013 to 2017. Circumstances contributing to these increases
were as follows: the reclassification of 104 million MT of reserves in 2014 (Figure 11);
discoveries amounting to 23 million MT in 2015 with the entry of a new player; and
reclassifications of more than 72 million MT and 24 million MT in 2016 and 2017, respectively
(Figure 11). Likewise, a downward reappraisal of around 225 thousand MT was recorded in
2017 (Figure 9).
1.20 -
2013 2014 2015 2016 2017 2018
(0.05)
Net Reappraisals
(in million MT)
1.00 (0.10)
Class C Nickel Reserves (in billion MT)
(0.15)
0.80 (0.20)
(0.25)
0.60 Figure 9. Net Reappraisals in Class C Nickel Reserves,

2013-2018
120.00
Net Reclassifications
0.40 100.00
(in million MT)
80.00
60.00
0.20
40.00
20.00
- -
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
Figure 10. Stock of Class C Nickel Reserves, Figure 11. Net Reclassifications in Class C Nickel
2013-2018 Reserves, 2013-2018

Gold
Total Gold Reserves
The total gold reserves in the Philippines increased by 0.8 percent from 4.85 million kilograms
of reserves in 2013 to 4.89 million kilograms in 2018. As seen in Figure 12, gold reserves were
dominated by Class C reserves or the non-commercial and other known deposits. In 2018,
13.3 percent of the total gold reserves were classified as Class A while 60.4 percent were
classified as Class C.
6.00
Total Gold Reserves (in million kilograms)
5.00
4.00
3.00
2.00
1.00
0.00
2013 2014 2015 2016 2017 2018
Figure 12. Total Gold Reserves by Class, 2013-2018

Figure 13 shows the reclassification of gold reserves. In years 2013 and 2014, more than
0.02 million kilograms of gold reserves were reclassified from Class A to B and from Class B
to C, respectively. In 2015, around 0.33 million kilograms of gold reserves were reclassified
from Class C to either Class A or Class B. In 2016, around 0.02 million kilograms Class B
reserves were reclassified to Class A.

0.40
Net Reclassifications (in million kilograms) 0.30
0.20
0.10
0.00
2013 2014 2015 2016 2017 2018
-0.10
-0.20
-0.30
-0.40

Class A Gold Reserves
Class A reserves increased by 19.5 percent from 0.54 million kilograms in 2013 to 0.65 million
kilograms in 2018. This increase was due to a combined effect of upward reappraisal and
reclassification constituting 0.13 million kilograms and 0.06 million kilograms, respectively
(Figures 16 and 17). From 2013 to 2018, gold production ranged from 0.01 to 0.02 million
kilograms, with the highest production recorded in 2017 (Figure 15). A large increase was
posted in 2017 due to upward reappraisals amounting to around 0.08 million kilograms
(Figures 14 and 16). Conversely, reclassifications occurred from 2013 to 2016, ranging from
0.35 million kilograms to 0.01 million kilograms (Figure 17).

0.66 0.03
0.64
Extractions (in million kg)

Class A Gold Reserves
0.62 0.02
(in million kg)
0.60
0.02
0.58
0.56
0.01
0.54
0.52 0.01
0.50
0.48 0.00
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
Figure 14. Stock of Class A Gold Reserves, 2013-2018 Figure 15. Extractions of Class A Gold Reserves,
2013-2018
0.09 0.07
0.08 0.06
0.07 0.05
Net Reappraisals
0.06 0.04
(in million kg)
(in million kg)

0.05 0.03
0.04 0.02
0.03 0.01
0.02 0.00
0.01 -0.01 2013 2014 2015 2016 2017 2018
0.00 -0.02
-0.01 2013 2014 2015 2016 2017 2018 -0.03
Figure 16. Net Reappraisal in Class A Gold Reserves, Figure 17. Net Reclassifications in Class A Gold
2013-2018 Reserves, 2013-2018
Class B Gold Reserves
Class B gold reserves increased by 20.9 percent from 1.07 million kilograms in 2013 to
1.29 million kilograms in 2018. As shown in Figure 20, the fall in Class B reserves in 2014 was
due to reclassification of around 0.20 million kilograms. Moreover, the uptick in 2015 was
attributed to reclassification of around 0.27 million kilograms (Figure 20). This was followed by
a decline in 2016 to 2017 due to reclassification and downward reappraisal, respectively
(Figures 18 and 20).

1.40 0.00
2013 2014 2015 2016 2017 2018
0.00
Net Reappraisals
(in million kg)
1.20
0.00
0.00
Class B Gold Reserves (in million kg)
1.00
0.00
0.80 -0.01
Figure 18. Net Reappraisal of Class B Gold Reserves,

2013-2018
0.60
0.30
0.25
0.40 0.20
(in million kg)

0.15
0.20 0.10
0.05
0.00
0.00 2013 2014 2015 2016 2017 2018
-0.05
2013 2014 2015 2016 2017 2018
Figure 19. Stock of Class B Gold Reserves, Figure 20. Net Reclassifications in Class B Gold
2013-2018 Reserves, 2013-2018
Class C Gold Reserves
Class C gold reserves decreased by 8.9 percent from 3.24 million kilograms in 2013 to 2.95
million kilograms in 2018. The drop of gold reserves in 2015 was due to reclassification by
around 0.33 million kilograms (Figures 22 and 23). On the other hand, the minimal increase
in 2016 was caused by upward reappraisal (Figure 21). Thereafter, steady reserves were
observed in the last two years (Figure 22).

3.30 0.008
0.007
0.006
Net Reappraisals
(in million kg)
0.005
3.20
0.004
0.003
Class C Gold Reserves (in million kg)
0.002
3.10 0.001
0.000
-0.001 2013 2014 2015 2016 2017 2018
3.00 Figure 21. Net Reappraisal in Class C Gold Reserves,

2013-2018
0.05
0.00
2.90
Net Reclassfications
-0.05 2013 2014 2015 2016 2017 2018
(in million kg)

-0.10
-0.15
2.80 -0.20
-0.25
-0.30
-0.35
2.70
-0.40
2013 2014 2015 2016 2017 2018
Figure 22. Stock of Class C Gold Reserves, Figure 23. Net Reclassifications in Class C Gold
2013-2018 Reserves, 2013-2018
Copper
Total Copper Reserves
From 2013 to 2018, total copper reserves in the country remained on the same level at around
1.14 billion metric tons (Figure 24). This is mainly attributed to the non-activity of copper
reserves, with the following averages: Class C - 83.8 percent; Class B - 12 percent; and Class
A - 4.2 percent.
1,200.00
Total Copper Reserves (in million MT)
1,000.00
800.00
600.00
400.00
200.00
-
2013 2014 2015 2016 2017 2018
Figure 24. Total Copper Reserves by Class, 2013-2018


Figure 25 shows the net reclassifications of copper reserves by class. As observed, largest
net reclassification occurred in 2015 when 268.8 million metric tons of copper reserves were
reclassified from Class C to Class B. On the other hand, least net reclassification was recorded
both in 2013 and in 2014. In 2013, 4.85 million MT were reclassified from Class A to Class B.
In 2014, 41 thousand MT were reclassified from Class A to Class B and 4.81 million MT from
Class B to Class C.
300.00
200.00
100.00
-
2013 2014 2015 2016 2017 2018
(100.00)
(200.00)
(300.00)

Class A Copper Reserves
From 4.25 million MT in 2013, Class A copper reserves increased by almost 3.1 thousand
percent, ending with 135.8 million MT of copper reserves in 2018 (Figure 26). A large increase
in 2017 was mostly due to the reclassification of 131.9 million MT of copper reserves
(Figure 29). Also, an upward reappraisal of five thousand MT were observed in 2018
(Figure 28).
As shown in Figure 27, extraction of Class A copper reserves declined throughout the six-year
period. While the largest production was recorded in 2014 at 91.8 thousand MT; the least
production was recorded in 2017 with about 68.2 thousand MT of copper reserves.

160.00 0.10
0.09
Class A Copper Reserves
Extractions (in million MT)

140.00
0.08
120.00
0.07
(in million MT)
100.00 0.06
80.00 0.05
60.00 0.04
0.03
40.00
0.02
20.00 0.01
- -
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
Figure 26. Stock of Class A Copper Reserves, Figure 27. Extractions of Class A Copper Reserves,
2013-2018 2013-2018
0.06 140.00
0.05 120.00
100.00
Net Reappraisals
0.04
(in million MT)
(in million MT)

80.00
0.03
60.00
0.02
40.00
0.01
20.00
- -
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
(0.01) (20.00)
Figure 28. Net Reappraisals in Class A Copper Figure 29. Net Reclassifications in Class A Copper
Reserves, 2013-2018 Reserves, 2013-2018
Class B Copper Reserves
Class B copper reserves increased from 4.85 million MT in 2013 to 136.94 million MT in 2018
(Figure 30). Changes in stock were due to reclassifications of reserves. As shown in
Figure 31, a large reclassification, amounting to 268.79 million MT, increased the stock in
2015. However in 2017, almost 131.9 million MT of copper reserves were reclassified to Class
A, which attributed to the decrease in stock in said year.
Meanwhile, no reappraisals were recorded for Class B reserves.
300.00 300.00
250.00
Class B Copper Reserves
250.00
200.00
(in million MT)
200.00 150.00
(in million MT)
100.00
150.00
50.00
100.00 -
(50.00) 2013 2014 2015 2016 2017 2018
50.00 (100.00)
- (150.00)
2013 2014 2015 2016 2017 2018 (200.00)
Figure 30. Stock of Class B Copper Reserves, Figure 31. Net Reclassifications in Class B Copper
2013-2018 Reserves, 2013-2018

Class C Copper Reserves
Class C comprised an average of 83.8 percent of the total copper reserves in the country from
2013 to 2018. Figure 33 shows a minimal increase of 4.85 million MT due to a reclassification
in 2014 (Figure 34). Moreover, a large decrease of 268.7 million MT in stocks was observed
in 2015, which is the net result of an upward reappraisal of reserves (Figure 32) and a
reclassification from Class C to Class B (Figure 34).
1,200.00 0.05
0.04
Net Reappraisals
(in million MT)
1,000.00 0.03
Class C Copper Reserves (in million MT)
0.02
0.01
800.00
-
2013 2014 2015 2016 2017 2018
600.00 Figure 32. Net Reappraisals in Class C Copper

Reserves, 2013-2018
50.00
-
400.00
2013 2014 2015 2016 2017 2018
(50.00)
(in million MT)
(100.00)
200.00 (150.00)
(200.00)
(250.00)
- (300.00)
2013 2014 2015 2016 2017 2018
Figure 33. Stock of Class C Copper Reserves, Figure 34. Net Reclassifications in Class C Copper
2013-2018 Reserves, 2013-2018
Chromite
Total Chromite Reserves
The total chromite reserves in the Philippines increased by 11.21 percent from 40.33 million
MT in 2013 to 44.86 million MT in 2018 due to an upward reappraisal. Among the three
classes, Class C of chromite reserves had the biggest share with an average volume of
34.93 million MT from 2013 to 2018. It rose by 30.82 percent from 31.75 million MT in 2016 to
41.54 million MT in 2017. Meanwhile, Class A chromite reserves recorded its biggest decline
by 60.26 percent from 8.52 million MT in 2015 to 3.39 million MT in 2016. In addition, Class B
had the smallest share among the three classes as shown in Figure 35.

50.00
Total Chromite Reserves (in million MT) 45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
-
2013 2014 2015 2016 2017 2018
Figure 35. Total Chromite Reserves by Class, 2013-2018

As seen in Figure 36, there were small reclassifications of 0.5 million MT registered from 2013
to 2014. In 2016, a total of 5.11 million MT was reclassified from Class A to Class B due to the
suspension of some mining operators, which led to an increase in Class B reserves. In the
following year, the 5.11 million MT was reclassified from Class B to Class C, which resulted to
the increase in Class C reserves.
6.00
4.00
2.00
-
2013 2014 2015 2016 2017 2018
(2.00)
(4.00)
(6.00)


Class A Chromite Reserves
Class A chromite reserves decreased by 61.31 percent from 8.58 million MT in 2013 to
3.32 million MT in 2018, due to extraction and reclassifications. The highest extraction was
registered in 2014 at 47 thousand MT. On the other hand, the lowest extraction was posted in
2015 at 15.5 thousand MT due to the downward trend in world metal prices according to MGB.
Overall, chromite extraction had an erratic trend as reflected in Figure 37.
As shown in Figure 38, Class A chromite reserves notably dropped in 2016 due to
reclassification. In Figure 39, a total of 5.11 million MT was reclassified from Class A to Class
B due to mining suspensions. This has caused a significant decrease in the Class A reserves.
10.00 50.00
9.00 Extraction (in thousand MT) 40.00
30.00
8.00
20.00
7.00 10.00
Class A Chromite Reserves (in million MT)
6.00 -
2013 2014 2015 2016 2017 2018
5.00 Figure 37. Extractions of Class A Chromite Reserves,

2013-2018
4.00 -
2013 2014 2015 2016 2017 2018
(1.00)
3.00
(in million MT)
(2.00)
2.00
(3.00)
1.00 (4.00)
(5.00)
-
2013 2014 2015 2016 2017 2018 (6.00)
Figure 38. Stock of Class A Chromite Reserves, Figure 39. Net Reclassifications of Class A Chromite
2013-2018 Reserves, 2013-2018
Class B Chromite Reserves
Figure 40 shows that in 2013, Class B chromite reserves had only 0.50 million MT. However,
in 2016, it climbed to 5.11 million MT due to a reclassification. From 2017 to 2018, no Class B
chromite reserves were registered due to the reclassification of the 5.11 million MT to Class
C (Figure 41). Moreover, no reappraisals were recorded for Class B chromite reserves.

6.00 6.00
Class B Chromite reserves\
5.00 4.00
(in million MT)

(in million MT)
4.00 2.00
3.00 -
2013 2014 2015 2016 2017 2018
2.00 (2.00)
1.00 (4.00)
- (6.00)
2013 2014 2015 2016 2017 2018
Figure 40. Stock of Class B Chromite Reserves, Figure 41. Net Reclassifications in Class B Chromite
2013-2018 Reserves, 2013-2018
Class C Chromite Reserves
Class C chromite reserves increased by 24.76 percent from 31.25 million MT in 2013 to
41.54 million MT in 2018 as shown in Figure 42. The increase was attributed to an upward
reappraisal of 4.67 million MT and a reclassification of 5.11 million MT in 2017 as seen in
Figures 42 and 44.
45.00 5.00
4.00
Net Reappraisal
(in million MT)
40.00
Class C Chromite Reserves (in million MT)
3.00
35.00 2.00
1.00
30.00
-
2013 2014 2015 2016 2017 2018
25.00
Figure 42. Net Reappraisals of Class C Chromite
Reserves, 2013-2018
20.00
6.00
15.00
5.00
(in million MT)
10.00 4.00
3.00
5.00
2.00
-
2013 2014 2015 2016 2017 2018 1.00
-
2013 2014 2015 2016 2017 2018
Figure 43. Stock of Class B Chromite Reserves, Figure 44. Net Reclassifications of Class C Chromite
2013-2018 Reserves, 2013-2018

5 | SUMMARY AND NEXT STEPS
The total nickel reserves in the Philippines increased during the period 2013 - 2018. On the
contrary, Class A nickel reserves declined, with a steady decrease from 2013 to 2017 due to
extractions and reclassifications, followed by an increase in 2018 due to a large upward
reappraisal. From 2013 to 2018, nickel production is relatively stable, with peak production
recorded in 2014. Among the three classes, Class A was the largest in 2013 while Class C
consistently had the highest share from 2014 to 2018, comprising 49 to 54 percent of the total
reserves.
Meanwhile, the total gold reserves increased from 2013 to 2018. Class A gold reserves also
saw an increase in stocks, net of extractions, for the same period due to upward reappraisals
and reclassification. Gold production steadily increased from 2013 to 2017, followed by a dip
in 2018. Among the three, most of the gold reserves is under Class C.
From 2013 to 2018, total copper reserves in the country remained on the same level – with an
average of almost 84 percent of total copper reserves non-commercially recoverable. On the
other hand, Class A copper reserves increased largely during the same period. This is mainly
due to a large reclassification recorded in 2017. On the average, copper production decreased
during the six-year period.
Lastly, the total chromite reserves increased from 2013 to 2018. Stocks of Class A chromite
declined on the same period due to extractions and reclassifications. Extraction of chromite
showed an erratic pattern, with the highest production recorded in 2014 and the lowest in
2015. Throughout the period, most chromite reserves were under Class C.
On next steps being planned, this will involve the compilation of monetary asset accounts,
taking off from the physical asset accounts and applying the appropriate methods of valuation.
The monetary asset accounts, to be aligned to the System of National Accounts, will provide
key inputs on the eventual estimation of macroeconomic indicators adjusted for the depletion
of natural resources as well as measures of comprehensive wealth.
The compilation of asset accounts for non-metallic minerals is also proposed to widen the
scope of the mineral accounts. Similar to metallic minerals, non-metallic minerals such as
limestone, marble, sand and gravel also have important industrial uses especially for the
manufacturing and construction sectors. In addition, the contribution of non-metallic mining to
the gross value added in Mining and Quarrying sector largely increased from 13 percent in
2000 to 30 percent in 2019. With its increasing importance to the country’s economy, it is
imperative to account for non-metallic minerals to monitor the sustainability of its extraction.

APPENDIX
Appendix Table 1. Physical asset account: Total nickel reserves, in ore, in million metric tons
Total 2013 2014 2015 2016 2017 2018
Opening stock 2,048.77 2,019.68 1,985.35 1,991.26 1,961.94 1,957.42

Additions to stock - - - - - -
Discoveries - - 23.00 - - -
Upward reappraisals - - 16.36 - 25.68 143.38
Reclassifications 164.01 134.30 91.12 100.59 28.43 -
Total additions to stock 164.01 134.30 130.49 100.59 54.11 143.38
Reductions to stock - - - - - -
Extractions 29.09 34.33 33.45 29.28 27.09 25.91
Catastrophic losses - - - - - -
Downward reappraisals - - - 0.04 3.11 24.09
Total reductions to stock 193.10 168.63 124.57 129.91 58.63 50.00
Closing stock 2,019.68 1,985.35 1,991.26 1,961.94 1,957.42 2,050.80
Notes: Details may not add up to total due to rounding up.
“-“ means zero.
Appendix Table 2. Physical asset account: Class A nickel reserves, in ore, in million metric tons
Class A 2013 2014 2015 2016 2017 2018
Opening stock 1,105.68 1,030.89 974.93 917.78 853.46 852.74

Discoveries - - - - - -
Upward reappraisals - - 16.36 - 25.68 143.38
Reclassifications 59.15 3.91 25.53 - 3.58 -
Total additions to stock 59.15 3.91 41.89 - 29.25 143.38
Extractions 29.09 34.33 33.45 29.28 27.09 25.91
Downward reappraisals - - - 0.04 2.89 24.09
Reclassifications 104.86 25.53 65.59 35.00 - -
Closing stock 1,030.89 974.93 917.78 853.46 852.74 946.12
“-“ means zero.

Appendix Table 3. Physical asset account: Class B nickel reserves, in ore, in million metric tons
Class B 2013 2014 2015 2016 2017 2018
Opening stock 63.06 108.76 25.53 65.59 28.43 -

Upward reappraisals - - - - - -
Total additions to stock 104.86 25.53 65.59 28.43 - -
Extractions - - - - - -
Downward reappraisals - - - - - -
Total reductions to stock 59.15 108.76 25.53 65.59 28.43 -
Closing stock 108.76 25.53 65.59 28.43 - -
“-“ means zero.
Appendix Table 4. Physical asset account: Class C nickel reserves, in ore, in million metric tons
Class C 2013 2014 2015 2016 2017 2018
Opening stock 880.03 880.03 984.88 1,007.88 1,080.04 1,104.67

Discoveries - - 23.00 - - -
Reclassifications - 104.86 - 72.16 24.85 -
Total additions to stock - 104.86 23.00 72.16 24.85 -
Downward reappraisals - - - - 0.23 -
Reclassifications - - - - - -
Total reductions to stock - - - - 0.23 -
Closing stock 880.03 984.88 1,007.88 1,080.04 1,104.67 1,104.67
“-“ means zero.

Appendix Table 5. Physical asset account: Total gold reserves, in metal content, in million kilograms
Total 2013 2014 2015 2016 2017 2018
Opening stock 4.65 4.85 4.86 4.84 4.83 4.89

Additions to stock
Discoveries 0.22 - - 0.01 0.00 -
Upward reappraisals - 0.02 0.01 0.01 0.08 0.03
Reductions to stock
Extractions 0.02 0.02 0.02 0.02 0.02 0.02
Downward reappraisals - 0.00 0.01 - 0.00 0.00
Closing stock 4.85 4.86 4.84 4.83 4.89 4.89
“-“ means zero.
Appendix Table 6. Physical asset account: Class A gold reserves, in metal content, in million kilograms
Class A 2013 2014 2015 2016 2017 2018
Opening stock 0.58 0.54 0.55 0.58 0.58 0.64

Additions to stock
Upward reappraisals - 0.02 0.00 0.00 0.08 0.03
Reclassifications - - 0.06 0.02 - -
Total additions to stock - 0.02 0.07 0.02 0.08 0.03
Reductions to stock
Extractions 0.02 0.02 0.02 0.02 0.02 0.02
Downward reappraisals - 0.00 0.01 - - -
Reclassifications 0.02 0.00 - 0.00 - -
Closing stock 0.54 0.55 0.58 0.58 0.64 0.65
“-“ means zero.

Appendix Table 7. Physical asset account: Class B gold reserves, in metal content, in million kilograms
Class B 2013 2014 2015 2016 2017 2018
Opening stock 1.04 1.07 1.04 1.32 1.30 1.29

Additions to stock
Total additions to stock 0.02 0.00 0.33 0.00 - -
Reductions to stock
Downward reappraisals - - 0.00 - 0.00 -
Reclassifications - 0.02 0.06 0.02 0.00 -
Total reductions to stock - 0.02 0.06 0.02 0.00 -
Closing stock 1.07 1.04 1.32 1.30 1.29 1.29
“-“ means zero.
Appendix Table 8. Physical asset account: Class C gold reserves, in metal content, in million kilograms
Class C 2013 2014 2015 2016 2017 2018
Opening stock 3.03 3.24 3.27 2.94 2.95 2.95

Additions to stock
Discoveries 0.22 - - 0.01 0.00 -
Upward reappraisals - - 0.00 0.01 0.00 0.00
Reclassifications - 0.02 0.00 - 0.00 -
Reductions to stock
Downward reappraisals - 0.00 - - - 0.00
Reclassifications - - 0.33 - - -
Total reductions to stock - 0.00 0.33 - - 0.00
Closing stock 3.24 3.27 2.94 2.95 2.95 2.95
“-“ means zero.

Appendix Table 9. Physical asset account: Total copper reserves, in metal content, in million metric tons
Total 2013 2014 2015 2016 2017 2018
Opening stock 1,135.38 1,135.41 1,135.32 1,135.28 1,135.19 1,135.12

Additions to stock
Discoveries 0.12 - - - - -
Upward reappraisals - - 0.05 - - 0.06
Total additions to stock 4.98 4.90 268.91 - 132.17 0.06
Reductions to stock
Extractions 0.09 0.09 0.08 0.08 0.07 0.07
Downward reappraisals - - 0.01 - - -
Closing stock 1,135.41 1,135.32 1,135.28 1,135.19 1,135.12 1,135.11
“-“ means zero.
Appendix Table 10. Physical asset account: Class A copper reserves, in metal content, in million metric tons
Class A 2013 2014 2015 2016 2017 2018
Opening stock 9.20 4.25 4.12 4.03 3.94 135.77

Additions to stock
Upward reappraisals - - - - - 0.05
Reclassifications - - - - 132.03 -
Total additions to stock - - - - 132.03 0.05
Reductions to stock
Extractions 0.09 0.09 0.08 0.08 0.07 0.07
Downward reappraisals - - 0.01 - - -
Reclassifications 4.85 0.04 - - 0.14 -
Closing stock 4.25 4.12 4.03 3.94 135.77 135.75
“-“ means zero.

Appendix Table 11. Physical asset account: Class B copper reserves, in metal content, in million metric tons
Class B 2013 2014 2015 2016 2017 2018
Opening stock - 4.85 0.04 268.83 268.83 136.94

Additions to stock
Total additions to stock 4.85 0.04 268.83 - 0.14 -
Reductions to stock
Reclassifications - 4.85 0.04 - 132.03 -
Total reductions to stock - 4.85 0.04 - 132.03 -
Closing stock 4.85 0.04 268.83 268.83 136.94 136.94
“-“ means zero.
Appendix Table 12. Physical asset account: Class C copper reserves, in metal content, in million metric tons
Class C 2013 2014 2015 2016 2017 2018
Opening stock 1,126.18 1,126.31 1,131.16 862.42 862.42 862.42

Additions to stock
Discoveries 0.12 - - - - -
Upward reappraisals - - 0.05 - - 0.00
Reclassifications - 4.85 0.04 - - -
Total additions to stock 0.12 4.85 0.09 - - 0.00
Reductions to stock
Reclassifications - - 268.83 - - -
Total reductions to stock - - 268.83 - - -
Closing stock 1,126.31 1,131.16 862.42 862.42 862.42 862.42
“-“ means zero.

Appendix Table 13. Physical asset account: Total chromite reserves, in ore, in million metric tons
Total 2013 2014 2015 2016 2017 2018
Opening stock 40.36 40.34 40.29 40.27 40.25 44.90

Additions to stock
Upward reappraisals - - - - 4.68 -
Reclassifications 0.50 0.50 - 5.11 5.11 -
Total additions to stock 0.50 0.50 - 5.11 9.79 -
Reductions to stock
Extractions 0.03 0.05 0.02 0.03 0.02 0.05
Reclassifications 0.50 0.50 - 5.11 5.11 -
Closing stock 40.34 40.29 40.27 40.25 44.90 44.86
“-“ means zero.
Appendix Table 14. Physical asset account: Class A chromite reserves, in ore, in million metric tons
Class A 2013 2014 2015 2016 2017 2018
Opening stock 9.11 8.58 8.54 8.52 3.39 3.36

Additions to stock
Reclassifications - - - - - -
Total additions to stock - - - - - -
Reductions to stock
Extractions 0.03 0.05 0.02 0.03 0.02 0.05
Reclassifications 0.50 - - 5.11 - -
Closing stock 8.58 8.54 8.52 3.39 3.36 3.32
“-“ means zero.

Appendix Table 15. Physical asset account: Class B chromite reserves, in ore, in million metric tons
Class B 2013 2014 2015 2016 2017 2018
Opening stock - 0.50 - - 5.11 -

Additions to stock
Reclassifications 0.50 - 5.11 - -
Total additions to stock 0.50 - - 5.11 - -
Reductions to stock
Reclassifications - 0.50 - 5.11 -
Total reductions to stock - 0.50 - - 5.11 -
Closing stock 0.50 - - 5.11 - -
“-“ means zero.
Appendix Table 16. Physical asset account: Class C chromite reserves, in ore, in million metric tons
Class C 2013 2014 2015 2016 2017 2018
Opening stock 31.25 31.25 31.75 31.75 31.75 41.54

Additions to stock
Upward reappraisals - - - - 4.68 -
Reclassifications - 0.50 - - 5.11 -
Total additions to stock - 0.50 - - 9.79 -
Reductions to stock
Reclassifications - - - - -
Total reductions to stock - - - - - -
Closing stock 31.25 31.75 31.75 31.75 41.54 41.54
“-“ means zero.

BIBLIOGRAPHY
Department of Environment and Natural Resources Administrative Order No. 2010-09.

Providing for the Classification and Reporting Standards of Exploration Results,
Mineral Resources and Ore Reserves.
National Statistical Coordination Board. May 1998. Philippine Asset Accounts: Forest,
Land/Soil, Fishery, Mineral, and Water Resources. Makati, Philippines.
United Nations. 2014. System of Environmental-Economic Accounting 2012 Central
Framework. New York.
United Nations, European Commission, International Monetary Fund, Organisation for
Economic Co-operation and Development, and World Bank. 2009. System of National
Accounts 2008. New York: United Nations.

DEFINITION OF TERMS
Asset A store of value representing a benefit or series of benefits accruing

to an economic owner by holding or using the entity over a period of
time. It is a means of carrying forward value from one accounting
period to another.
Catastrophic Losses Reductions in assets due to catastrophic and exceptional events.
Discoveries Additions representing the arrival of new resources to a stock and

commonly arise through exploration and evaluation.
Environmental Asset The naturally occurring living and non-living components of the earth,
together constituting the biophysical environment, which may provide
benefits to humanity.
Extractions Reductions in stock due to the physical removal or harvest of an
environmental asset through a process of production.
Gross Domestic The total output produced within the geographical boundaries of the
Product (GDP) country regardless of the nationality of the entities producing the
output.
Gross Value Added The total payment to factors of production, namely: wages, interest,
(GVA) profits and rents. It also includes capital consumption allowance and
indirect taxes. It is also estimated by deducting from gross value of
output the sum of non-factor cost such as raw materials and supplies,
containers and packing materials, fuel, advertising and other non-
industrial overhead cost.
Industry Consists of a group of establishments engaged in the same, or
similar, kinds of activity.
Inferred Mineral Estimated quantity of mineral with low level of confidence on its
Resource tonnage, grade, and mineral content.
Mineral All naturally occurring inorganic substance in solid, gas, liquid, or any
intermediate state excluding energy materials such as coal,
petroleum, natural gas, radioactive materials, and geothermal energy.
Mineral Resources Any concentration of minerals/rocks with potential economic value.
Net present value The value of the asset based on the summed value of discounted
future earnings from the asset.
Ore Naturally occurring substance or material from which a mineral or
element can be mined and/or processed for profit.
Production An activity, carried out under the responsibility, control and
management of an institutional unit, that uses labor, capital, goods
and services.
Reappraisals Changes in the measured stock of assets due to the use of updated
information that permits reassessment of the size of the stock.

Reclassifications Changes in assets that result from situation in which an asset is used
for a different purpose. A reclassification of an asset in one category
should be offset by an equivalent reclassification in another category.
Revaluations Changes in the value of assets due to price changes and reflect
nominal holding gains and losses on environmental assets. The
nominal holding gain for environmental assets is calculated in the
same way as for non-financial assets— as the increase in value
accruing to the owner of the asset as a result of a change in its price
over a period of time

PHILIPPINE STATISTICS AUTHORITY
DENNIS S. MAPA, Ph.D.

Undersecretary
National Statistician and Civil Registrar General
MACROECONOMIC ACCOUNTS SERVICE
VIVIAN R. ILARINA
Assistant National Statistician
ENVIRONMENT AND NATURAL RESOURCES ACCOUNTS DIVISION
Virginia M. Bathan
(Supervising Statistical Specialist)
Officer-in-Charge
Polaris C. Bautista
Senior Statistical Specialist
Faith Lea B. Cabrera

Statistical Specialist II
Maria Loraine C. Satairapan Nymphmary Daphne J. Santiago

PEENRA Project Technical Staff PEENRA Project Technical Staff
Fatima C. Catchero
PEENRA Project Technical Staff
Liza F. Cayanga Nichole P. Gabriel

Administrative Staff Administrative Staff

Mineral Accounts of The Philippines

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TECHNICAL REPORT ON MINERAL ACCOUNTS

Environment and Natural Resources Accounts Division

Mineral Accounts of the Philippines is a publication of the

DENNIS S. MAPA, Ph.D.

Quezon City, Philippines

PHILIPPINE STATISTICS AUTHORITY iii

LIST OF ACRONYMS AND ABBREVIATIONS

DENR Department of Environment and Natural Resources

DMPF Declaration of Mining Project Feasibility

ENRA Environment and Natural Resources Accounting

GDP Gross Domestic Product

GVA Gross Value Added

IEMSD Integrated Environmental Management for Sustainable Development

MAQ Mining and Quarrying

MGB Mines and Geosciences Bureau

MPSA Mineral Production Sharing Agreement

MRI Mineral Resource/Reserve Inventory

NPV Net Present Value

NSCB National Statistical Coordination Board

PEENRA Philippine Economic-Environmental and Natural Resources Accounting

Phil-WAVES Philippine Wealth Accounting and the Valuation of Ecosystem Services

PMRC Philippine Mineral Resource/Reserve Classification

PSA Philippine Statistics Authority

SDG Sustainable Development Goals

SEEA System of Environmental-Economic Accounting

SNA System of National Accounts

UNDP United Nations Development Programme

PHILIPPINE STATISTICS AUTHORITY v

PHILIPPINE STATISTICS AUTHORITY vii

viii PHILIPPINE STATISTICS AUTHORITY

PHILIPPINE STATISTICS AUTHORITY ix

PHILIPPINE STATISTICS AUTHORITY xi

Table 1. Categorization of mineral and energy resources ..................................................... 8

xii PHILIPPINE STATISTICS AUTHORITY

Figure 1. Total Nickel Reserves by Class, 2013-2018 ......................................................... 14

PHILIPPINE STATISTICS AUTHORITY xiii

The mining industry plays a consequential role in economic development by generating

PHILIPPINE STATISTICS AUTHORITY 1

Objectives of the Study

2 PHILIPPINE STATISTICS AUTHORITY

2 | REVIEW OF COUNTRY EXPERIENCES

Development (USAID) as a project under the Department of Environment and Natural

development of the database for environmental accounting and generation of a number of

Country Program on Integrated Environment Management for Sustainable Development

assets, three major categories emerged, namely: a) extraction; b) other accumulation -

decisions, other than economic.

to institutionalize the generation and utilization of the Philippine Economic-Environmental and

PHILIPPINE STATISTICS AUTHORITY 3

Development Staff (PCSDS).

the institutionalization of selected modules of the SEEA 2012, a multipurpose conceptual

framework developed by the United Nations to facilitate understanding of the interactions

resources/reserves were classified according to the United Nations Framework Classification

and petroleum resources" (ABS, 1998).

4 PHILIPPINE STATISTICS AUTHORITY

feasibility of reserves. The resource categories2 of Australia's mineral account are: 1)

prevailing at the time the assessment was undertaken; 2) sub-economic demonstrated

relative to the prevailing commodity price; and 3) inferred resources (IFR).

reasons, industry revision, and other changes not elsewhere classified.

all industries and end-users.

PHILIPPINE STATISTICS AUTHORITY 5

attempted to investigate natural capital transformation to other forms of wealth in resource-

between the Government of Botswana (GoB) and the World Bank.

account was in physical and monetary accounts.