THE country’s biggest gold producer Philex Mining Corp. on Wednesday said its net income more than doubled last year on the back of stronger production coupled with higher metal prices in the world market and favorable exchange rates.

In a disclosure to the Philippine Stock Exchange, Philex said that its net income reached P1.56 billion in 2016, up from P776 million in the previous year, while core net income amounted to P1.657 billion, up 83 percent from the previous year.