Luzon Is the Island of Gold in the Philippines
Written on Apr 13, 2026
In the 3rd century, Chinese traders named the island of Luzon the "Isle of Gold" because they discovered gold deposits across the Philippines. The cities of Manila and Olongapo (where I live) are located on the island of Luzon.
Gold mines in the Philippines yield more than 30 metric tons per year, nearly the same amount as before the industry collapsed due to the Pacific war (during World War II). I don't know what the gold value is these days, but it's a lot.
Yamashita's Treasure
As you can probably guess, the Philippines is rich in mineral resources. It makes me wonder why anyone would concoct a story like Yamashita's treasure.
Supposedly, the World War II Japanese General Tomoyuki Yamashita hid his treasures in caves, tunnels, and underground complexes in central Luzon. There must have been some evidence of its existence, or so you would think.
A Philippine treasure hunter named Rogelio Roxas filed a lawsuit in the state of Hawaii in 1988 against the former President and his wife, Ferdinand and Imelda Marcos.
Roxas claimed to have found the treasure and then had it taken away from him when Marcos found out about it. He also claimed to have been beaten and imprisoned for up to a year by the Marcos regime.
The Philippine Gold Rush
In 1995, the Philippine government passed a law allowing foreign investors to own 100 percent of mines in the country. The law was contested in 2005, but upheld by the Philippine Supreme Court.
As usual, many Filipinos dislike the situation, citing it as another way for the country to be exploited. Filipinos should own and run the mines, they say, without understanding that it takes a substantial amount of money to open and maintain the mines.
The Philippines government and local investors simply lack the necessary funds. Others state that mining ruins biodiversity while exacerbating natural disasters, while not benefiting the Filipino people.
Mining operations have been going on in places all over the world. Many economies of the United States were founded on mining enterprises. As dangerous as mining can be, it does offer jobs for residents, jobs that might not otherwise exist.
Owning and Wearing Gold in the Philippines
Investing in gold is a worthwhile pursuit in almost any place you may live, not just the Philippines. As paper money loses value, gold seems to keep its value. When it gets to the point where you need to sell it, don't look to me for answers. I have never sold gold to anyone.
Wearing gold in public places in the Philippines isn't a good idea. In certain areas of metro Manila, items such as necklaces, bracelets, watches, and even rings--sometimes including the fingers--have been stolen from individuals who proudly display their gold.
The History of Gold
I wouldn't know where to begin. Gold has been used for financial transactions and ornamentation since the beginning of recorded history. In fact, it's biblical. I can't get through a single historical reading session without it being mentioned at least once.
I'm sure the history of gold in the Philippines is as rich as it is in any country. Given the diverse history, I suspect little of it has been written for today's readers.
Image by Csaba Nagy from Pixabay