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BSP officials visit MGB-CAR

BSP 2

Atty. Thomas J. Cariño (left) and Mr. Arsenio G. Bellen (right) with RD Apil during their visit at MGB-CAR

 

On July 14, 2020, Bangko Sentral ng Pilipinas (BSP) officials, Atty Thomas J. Cariño, acting Director BSP La Union Regional Office, and Mr Arsenio G. Bellen, Baguio Gold Buying Station visited OIC Regional Director Fay W. Apil of the Mines and Geosciences Bureau-Cordillera Administrative Region (MGB-CAR) to revisit and discuss procedures in buying gold from the small-scale miners of the region.

The BSP purchases gold from small-scale miners in accordance with Republic Act No. 7076 (People’s Small-Scale Mining Act of 1991) and from other sources. It then refines the gold purchased to forms acceptable in the international bullion markets.  Only licensed small-scale miners with permitted transactions can sell to BSP.  Moreover, Republic Act No. 11256, (An Act to Strengthen the Country’s Gross International Reserves) exempts from excise and income tax the sale to the BSP of gold sourced from small-scale mining activities. The measure also covers the sale of gold by small-scale miners to accredited traders for the eventual disposal to the central bank.

Only the Loacan Itogon Pocket Miners Association (LIPMA) in Itogon, Benguet has been awarded the Small-Scale Mining Contract last May 2, 2019, after being declared as the first Minahang Bayan in the Cordillera on January 15 of the same year.  Two more Minahang Bayans have also been declared in Bakun, Benguet on June 19, 2019 and the latest in Conner, Apayao on February 4, 2020.