The Philippines' Central Bank Calls Gold An Investment
In 2020, Philippine Central Bank governor Benjamin Diokno said that the Philippines has “more than optimal” gold and will start actively trading it. A move that makes one think that the Philippines was wallowing in a river of gold bars and that gold was simply a commodity. However, a new video released by the Banko Sentral ng Pilipinas (BSP) in their Facebook page seems to regard gold much better and even seems to endorse it. In the video , the Banko Sentral ng Pilipinas calls gold a 'matatag na uri ng investment' or a stable investment. They also acknowledge the value of gold throughout history and calls the precious metal a ' physical na lagakan ng yaman' or a tangible storage of wealth. The Philippines is a gold-producing country and in 2016 was ranked fifth top gold producer in Asia . But the video reveals that beginning in 2011, when a 7% tax was imposed on gold miners, the BSP was no longer able to accumulate gold as gold miners opted to sell their gold in the