"PH gold reserves can wipe out poverty," claims National Statistical Coordination Board official

InterAksyon.com quoted National Statistical Coordination Board (NSCB) secretary-general Romulo A. Virola, who claimed, "The country's huge reserves of gold coupled with the current high prices of the metal in the world market offer fresh and promising prospects to reduce poverty in the country."

Is this really as good as it sounds?

 

InterAksyon.com quoted National Statistical Coordination Board (NSCB) secretary-general Romulo A. Virola, who claimed, "The country's huge reserves of gold coupled with the current high prices of the metal in the world market offer fresh and promising prospects to reduce poverty in the country."

 

The report went on to say that according to Virola, the Philippines’ gold reserves can fetch P7.36 trillion using 2011 world market prices. This is equivalent to three-fourths the country’s P9.73 trillion gross domestic product (GDP) last year. Virola pointed out: "This is also equal to more than 65.1 times the income gap of P113.1 billion for 2011, the amount needed to completely eradicate poverty in the country."

 

For more on this story, log on to InterAksyon.com.

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