Bayombong, Nueva Vizcaya—The FCF Minerals Corporation’s gold-molybdenum project in barangay Runruno in Quezon town has made a significant economic impact in Cagayan Valley.
Ian Moller, the firm’s general manager for sustainability, said their project contributed to the region’s Gross Regional Domestic Product, job generation and household income.
These economic impacts were highlighted through the firm’s 2018 Sustainability Report, particularly on their National Economic Impacts and Multiplier Effects, he said.
Moller said in 2015, their project generated “a range of P3.21 billion to P3.41 billion” of economic output in Cagayan Valley.
The 2018 Sustainability Report also showed that more than P500 million in household income was produced in the region through the project, and additional jobs were estimated at a range of 2,894 to 3,146 due to the mining project’s induced employment effects.
“This translates to 5.94 to 6.46 percent reduction in the total number of unemployed persons in Cagayan Valley in 2015,” Moller said.
The 2018 SR showed that the recurring induced multiplier effects of consumption spending by workers produced ripple effects benefiting businesses in the food, educational services, fuel, light water, clothing, footwear, apparel and miscellaneous goods and services industries in Nueva Vizcaya and other provinces and cities.
According to Moller, the project also produced virtuous circles of output, employment and household income growth through its production activities.
“As the project expands its operations in the future, its economic impact and multiplier effects are expected to become bigger. It is also expected to stimulate economic and business activities within and outside Nueva Vizcaya and support future growth of Cagayan Valley with a positive impact on the national economy,” he added.
FCF HAS invested heavily on infrastructures in barangay Runruno in Quezon town, as evidenced by the construction of roads and bridges and school buildings and facilities.
Infrastructure investments are done in consultation with the communities where the company operates especially those funded by the firm’s Social Development and Management Program.
“Projects under our SDMP are funded by our company in compliance with the government’s policies,” Moller said.
