The Philippine gold reserves can amount to P7.36 trillion, or about 76 percent of the countrys gross domestic product (GDP) of P9.73 trillion in 2011, the amount needed to completely eradicate poverty in the country, according to the latest Statistically Speaking article released by the National Statistical Coordination Board (NSCB) on Wednesday.
The NSCB said that in the period of 1998 to 2010, gold accounted for an average of 30.7 percent of the mining industrys output, which is the biggest share. Gold also stands out as the most important commodity in the mining industry.
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