The Philippines is rich in natural resources. It has fertile, arable lands, diverse flora and fauna, extensive coastlines, and rich mineral deposits. About 30% of the land area of the country was determined be geologically prospective by the Philippine Mines and Geo-Sciences Bureau.
Why Philippines is rich in natural resources?
The Philippines is rich in natural resources. Its fertile land produces a variety of crops such as coconut, copra, banana, pineapples, sugar, gum, resins and rubber. Some of these agricultural crops are raised for export. Rice, which is the staple food of Filipinos, is produced, largely, in the Central Plains of Luzon.
Can the Philippines considered rich in natural resources?
The Philippines is a country rich in natural resources, such as minerals, agricultural land and fisheries, but this wealth is threatened by fast economic growth, rapid urbanisation and climate change. Evidence-based decision making can help balance the need for economic growth with sustainable resource management.
Why Philippines is blessed with natural resources?
The Philippines is blessed with natural resources. It is conducive to agriculture having fertile, arable lands, diverse flora and fauna, extensive coastlines. Philippine government has desperately tried to restrict its exploitation. … A number of metals and mineral resources are found in Philippine soil.
How rich is the Philippines when it comes to natural resources?
The Philippines has a bounty of minerals, cropland, timber, and coastal and marine resources. These natural resources make up an estimated 19% of the nation’s wealth, contributing to the country’s consistent GDP growth.
Is Philippines rich in oil?
Oil Reserves in the Philippines
The Philippines holds 138,500,000 barrels of proven oil reserves as of 2016, ranking 64th in the world and accounting for about 0.0% of the world’s total oil reserves of 1,650,585,140,000 barrels.
What is the most important resource in the Philippines?
It is estimated that the Philippines is home to more than 21.5 billion metric tons (MT) of metal deposits and 19.3 billion MT of nonmetal mineral deposits. The natural resources of the Philippines include copper, timber, nickel, petroleum, silver, gold, cobalt, and salt.
What are the major natural resources found in the Philippines?
Most of the country’s metallic minerals, including gold, iron ore, lead, zinc, chromite, and copper, are drawn from major deposits on the islands of Luzon and Mindanao. Smaller deposits of silver, nickel, mercury, molybdenum, cadmium, and manganese occur in several other locations.
Why are natural resources important to our country?
Resources are important for the development of any country. For example, to generate energy, one need fossil fuels; and for industrial development, we require mineral resources. … Natural resources are getting scarce with the increasing population, so it is essential to conserve them.