Were the proceeds from the Bangko Sentral ng Pilipinas’ gold sales from January to 24 June used to plug over P200 billion in Unprogrammed Appropriations (UAs)?

Regular budget items were reallocated to the UAs to free up space for earmarked projects.

A metals trader cited the timing of the sale as suspiciously aligned with the government’s scramble for additional funds, since the items in the UA were key development infrastructure, including so-called flagship projects of President Ferdinand Marcos Jr.

In the first half of 2024, the BSP divested portions of its gold reserves as part of its reserve management strategy, an action considered controversial—with criticism of the timing, opportunity costs, and alleged links to government funding needs.

The BSP sold approximately 25 metric tons of gold, representing about 15 percent of its reserves at the time, making the Philippines the world’s largest central bank gold seller during the period.

Described as “active reserve management” to lock in gains and rebalance its portfolio amid rising prices, the proceeds were reinvested in other assets and contributed to the record BSP net income of over P100 billion for the year.

This led to higher dividend remittances to the national government, which in turn created “unexpected revenues” that unlocked the UA in the 2024 budget.

Former president Rodrigo Duterte accused President Ferdinand Marcos Jr. of stealing and illegally selling the gold reserves for personal gain. BSP Governor Eli Remolona defended the sale as a routine core function of the central bank while the Palace rejected the accusation.

In March 2025, the BSP sold another 24.95 metric tons (about 32.5 percent of its holdings at the time) at prices ranging from $2,338 to $2,427 per ounce, saying it was for portfolio rebalancing and profit-taking.

This occurred amid a global price plateau, but prices later surged to over $4,000/oz., resulting in an estimated $1.38 billion in opportunity loss.

The BSP has not publicly disclosed the identities of the buyers of the gold, as such transactions are often conducted over the counter in opaque international bullion markets.

Private sector entities in the transactions may include bullion dealers, investors, and mining-related firms but former president Duterte’s claim that President Marcos Jr. personally benefited from the “illegal” sales may have implied possible crony involvement or misuse for personal gain.

The question posed to Nosy Tarsee by the metals trader: Who orchestrated the cunning maneuver on the precious reserves?