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June 19, 2024

BSP tapping large mining companies to expand source of gold

The Bangko Sentral ng Pilipinas (BSP) is tapping large mining companies to expand its gold sourcing beyond small-scale miners.

The central bank signed a purchase agreement with OceanaGold Philippines Inc. (OGPI), which operates a mine in the Nueva Vizcaya-Quirino area under a Financial or Technical Assistance Agreement (FTAA) with the Philippine government.

BSP Governor Benjamin Diokno said the central bank aims to be the preferred gold buyer of both large- and small-scale miners.

Under the agreement signed with OGPI Joan Adaci-Cattiling, the Australian mining firm will offer for purchase not less than 25 percent of its annual doré production at fair market prices.

It forms part of the BSP’s efforts to promote livelihood, productivity, and sustainable gold production by expanding BSP’s gold sourcing beyond small-scale mining to include large-scale miners.

Present during the signing were BSP Deputy Governor Mamerto Tangonan, Finance Undersecretary Bayani Agabin, Department of Environment and Natural Resources Acting Secretary Jim Sampulna as well as Mines and Geosciences Bureau Officer-in-Charge Juancho Pablo Calvez.