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Central bank offers higher gold-buying rates

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The Bangko Sentral ng Pilipinas (BSP) seeks to make its gold buying rates more attractive to small scale sellers along with its other plans to better its gold buying activities in the market.

Joseph Norbert David, director at the Mint and Refinery Operations Department of the BSP said that they have pipelined projects to improve the central bank’s market engagement in the gold market.

“We’re looking at possibilities on how to minimize the turnaround time of the payments and the final assaying of gold,” David said in a virtual briefing on Friday.

According to him, the BSP is likewise looking at minimizing the processing cost of their gold purchases, which will further encourage gold buying activities in the market.

“Our refined assaying costs have not been changed, we are not looking at increasing it but to reduce it, because we want (our rates) to be attractive,” he added.

In addition, the BSP executive said that gold purchases in 2020 rose 10-fold as a result of the tax exemption of small-scale miners.

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