DAVAO CITY, June 17 (PIA ) – The Bangko Sentral ng Pilipinas (BSP) Davao Region intensified its campaign for gold traders and small scale miners to sell their gold to the facility and cited the pros after the enactment into law of RA 11256 or the Tax Exemption Law.
Acting Director of BSP Davao Jane Anne Gonzales, in an interview over One Davao Virtual Presser, urged gold traders and small scale miners to be aware of the said tax exemption law and directly sell their gold to the BSP instead of the black market.
“ Totoo po na bago pa naaprubahan itong batas, marami sa ating mga traders ay nagbebenta sa kanilang gold sa black market dahil pinapabayad sila ng 7% tax kung sa BSP nila dadalhin ang gold. (We have to admit that gold traders and miners used to sell their gold in the black market because when they sell it to BSP, they needed to pay seven percent for the tax),” said Gonzales.
However, with RA 11256 which started its implementation last year the BSP is expecting an increasing trend of on its gold buying program.
The BSP official said the law enables the BSP to build up the country’s gross international reserves by buying domestically produced gold from small scale mining (SSM) operations using peso.
She also cited that the law ensures that small scale miners will receive a fair price for their gold. All gold produced from small scale mining operations and sold to the BSP by registered SSMs will be exempt from taxation.
The BSP explained that accreditation of traders and SSMs follows a set of guidelines such as an issuance of a certification to registered SSMs upon receipt of a certified copy of a valid and effective Small Scale Mining Contract.
The BSP official debunked misconceptions that selling gold to the BSP is complicated.
She explained that BSP strictly follows standards in assessing the authenticity of gold. Some of its measures include the physical form, maximum dimension and weight, and minimum preliminary Gold Assay.
Despite following strict standards, the BSP assured its buyers that payment of successful sale will actually be received by the seller within the day.
“They can already bring the 99% of the amount of gold sold to the BSP at the end of the day,” said Johannes Bantugan, Acting Bank Officer IV- BSP Gold Buying Station.
Final settlement of the balance will be paid upon completion of the evaluation melting and final assay, or within 20 working days from the date of delivery and sale.
Gold sold to the BSP are paid in Philippine pesos based on the prevailing price in the international gold market and exchange rate set by the BSP Treasury Department on a daily basis.
Gonzales said this will assure the traders and SSMs that they will get the fair price for their gold and they won’t be duped by unscrupulous gold buyers in the back market.
The BSP maintains five gold buying stations in the following: BSP Security Plant Complex, East Avenue, Quezon City; BSP Davao Regional Office, Elpidio Quirino Avenue, Davao City; BSP Baguio Gold Buying Station, Loakan Road, Baguio City; BSP Naga Branch, Roxas Avenue, Naga City; BSP Zamboanga Branch, N.S. Valderosa St., Pettit Barracks, Zamboanga City. (FGM/PIA Davao Region)
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