BUYING GOLD. Atty. Noel Malimban, Bangko Sentral ng Pilipinas (BSP) regional director for north Luzon, on Friday (July 22, 2022) encourages small-scale miners and traders in Cordillera to sell their gold to the government to help boost the country’s international reserves. He said the BSP buys at prevailing international prices and offers tax exemption to miners and traders. (PNA photo by Liza T. Agoot)
BAGUIO CITY – The Bangko Sentral ng Pilipinas (BSP) north Luzon regional office on Friday called on small-scale miners in the region to help boost the country’s economy by selling their gold to the government.
“We have a gross international reserve and it is composed of gold and foreign exchange. Ang gamit niyan is to make the economy stable. Kapag malaki ang international reserves natin, mas kampante ang mga bansa na maki komersiyo sa atin and it also has the effect of stabilizing the economy (Its purpose is to make the economy stable. If our international reserves are big, other countries will have confidence in doing business with us and it also has an effect of stabilizing the economy,” said Noel Malimban, regional director of the BSP-north Luzon office here, in a phone interview on Friday.
He said money circulating in the market has equivalent gold stored with the BSP, helping build international gold reserves and contributing to the country’s economic stability.
He said that while the region is rich in minerals like gold, the BSP estimates only about 1 percent of the gold production is sold to the government through the BSP, with most of them being bought by foreigners or smuggled out of the country, benefiting other governments.
The lawyer said the BSP has an office in Loakan Road here where gold miners can transact with the government, without needing to go to Metro Manila.
Under the small-scale mining (SSM) law, Malimban said SSM miners who produce gold are required to sell their gold to the BSP which will benefit both parties as the government secures its international reserve and small-scale miners or the traders get to offer a good selling price.
The lawyer said the BSP buys gold at prevailing international prices and the government is giving tax exemptions to those that transact with it.
As long as the miner or the gold trader is registered with the Mines and Geosciences Bureau and the BSP, he said they will enjoy a tax exemption from selling the mineral to the government.
Malimban explained that the registration is mandatory because the country subscribes to the London bullion market association guidelines which assure that the gold produced does not involve child labor, and is not used in money laundering, illegal activities, and terrorism.
“BSP as a buyer of gold should be assured that the source of gold is clean because if not, it will not be recognized as an international reserve,” he said.
The official added that if the small miner is not registered with them, they should sell to a registered buyer to help the country’s economy.
He said they are doing a study to find out the actual gold production in the region and the actions that need to be done to benefit the mining industry in the Cordillera and the country as a whole. (PNA)
“We have a gross international reserve and it is composed of gold and foreign exchange. Ang gamit niyan is to make the economy stable. Kapag malaki ang international reserves natin, mas kampante ang mga bansa na maki komersiyo sa atin and it also has the effect of stabilizing the economy (Its purpose is to make the economy stable. If our international reserves are big, other countries will have confidence in doing business with us and it also has an effect of stabilizing the economy,” said Noel Malimban, regional director of the BSP-north Luzon office here, in a phone interview on Friday.
He said money circulating in the market has equivalent gold stored with the BSP, helping build international gold reserves and contributing to the country’s economic stability.
He said that while the region is rich in minerals like gold, the BSP estimates only about 1 percent of the gold production is sold to the government through the BSP, with most of them being bought by foreigners or smuggled out of the country, benefiting other governments.
The lawyer said the BSP has an office in Loakan Road here where gold miners can transact with the government, without needing to go to Metro Manila.
Under the small-scale mining (SSM) law, Malimban said SSM miners who produce gold are required to sell their gold to the BSP which will benefit both parties as the government secures its international reserve and small-scale miners or the traders get to offer a good selling price.
The lawyer said the BSP buys gold at prevailing international prices and the government is giving tax exemptions to those that transact with it.
As long as the miner or the gold trader is registered with the Mines and Geosciences Bureau and the BSP, he said they will enjoy a tax exemption from selling the mineral to the government.
Malimban explained that the registration is mandatory because the country subscribes to the London bullion market association guidelines which assure that the gold produced does not involve child labor, and is not used in money laundering, illegal activities, and terrorism.
“BSP as a buyer of gold should be assured that the source of gold is clean because if not, it will not be recognized as an international reserve,” he said.
The official added that if the small miner is not registered with them, they should sell to a registered buyer to help the country’s economy.
He said they are doing a study to find out the actual gold production in the region and the actions that need to be done to benefit the mining industry in the Cordillera and the country as a whole. (PNA)
