Philippine Central Bank's Gold Purchase Increases Almost 1000% in 2020

Following the exception for small scale miners from paying income and excise taxes through Republic Act 11256, the BSP (Banko Sentral ng Pilipinas) reported a thousand percent increase in their gold purchases in 2020.

In 2020, a total of 115,800 troy ounces or 3.602 tonnes of gold were purchased by the BSP compared to only 10,207 troy ounces in 2019.

During a virtual briefing last Friday, BSP Mint and Refinery Operations Department Director Joseph Norbert S. David said that for the current year (2021), the volume of gold purchased so far has already exceeded that of last year.

Central banks around the world have been ramping up their gold purchases in light of uncertainties brought about by multiple black swan events transpiring in recent times.

The Polish Central Bank announced that it plans to buy at least 100 tonnes of gold over the coming years which will be kept in Poland.

The Philippines is a gold-producing country and in 2016 was ranked as the fifth top gold producer in Asia.

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