Former Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla reiterated the central bank’s dedication to responsible gold sourcing and prudent reserve management during a courtesy call by OceanaGold President and CEO Gerard Bond.
OceanaGold expressed its willingness to increase gold sales to the BSP, building on the agreement signed between BSP and OceanaGold Philippines, Inc. in May 2022, which stipulates that at least 25 percent of OGPI’s annual gold production will be offered to the BSP at fair market prices.
The BSP’s purchase of gold from various miners contributes to the country’s gross international reserves, supporting economic activities and providing a buffer against potential adverse impacts on the economy.
