BSP Expands Responsible Gold Sourcing

The Bangko Sentral ng Pilipinas (BSP) 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 with the Philippine government. Under the agreement, OGPI 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. BSP Governor Benjamin E. Diokno said (in photo, third from left) the central bank aims to be the preferred gold buyer of both large- and small-scale miners.

With the Governor in the photo are (from left) BSP Payments and Currency Management Sector Deputy Governor Mamerto Tangonan, Department of Finance Undersecretary Bayani Agabin, OGPI President and General Manager Atty. Joan Adaci-Cattiling, Department of Environment and Natural Resources Acting Secretary Jim Sampulna, and Mines and Geosciences Bureau Officer-in-Charge Engr. Juancho Pablo Calvez.