BSP-NL FACILITATES GOLD-BUYING; ADMITS BLACK MARKET SCHEME RAMPANT

March 7, 2025 JUST IN

BAGUIO CITY

Bangko Sentral ng Pilipinas-North Luzon (BSP-NL) reported that it purchased some 144,199.12 troy ounce of gold in 2024, a 10.6 percent increase compared in the previous year 130,387.08 oz. A Troy ounce is equivalent to 31.1034768 grams. Regional Director Noel Neil Malimban of BSP-NL disclosed during the Media Information Session for local reporters held at the agency’s office here. Reportedly, hundred millions worth of produced gold in Cordilleras especially in Benguet are sold illegally in the black market.

Lawyer Malimban, however, quickly admitted that ‘it’s a well known fact black market scheme’ of selling of gold exists in Cordilleras especially in the city and in Benguet are rampant. Thus, Malimba encouraged small-scale miners to formalize themselves to legally sell their produce in the BSP. At present, only those with approved Minahang Bayan (MB) and Small Scale Mining Contract (SSMC) can transact business with BSP. By law, All gold produced by small-scale miners in any mineral area shall be sold to the Central Bank, or its duly authorized representatives, which shall buy it at prices competitive with those prevailing in the world market regardless of volume or weight.

The Benguet Federation of Small Scale Miners, Inc. (BFSSMI), with more than a hundred thousand pocket miner members, appealed to BSP to streamline its requirements for them to sell gold. In a related development, the BSP together with concern agencies hope to finalize before the first semester this year -the implementing rules and regulations (IRR) of Republic Act No. 12010, also known as the “Anti-Financial Account Scamming Act (AFASA).” The AFASA is designed to combat the growing menace of cybercrime and financial account scams.

On BSP’s Regional Operation, especially currency operations—some P1.5 trillion banknotes and P9.8 billion coins withdrawn by banks in 2024. For deposits, it accounted for P1.2 trillion banknotes and P1.1 billion coins deposited to BSP by banks in 2024. BSP said Payment Digitalization rose to 52.8 percent- related to online payments, including transaction value, number, and penetration rate of digital payment users, as well as the share of digital payments to total retail payments across the country.

Digital commerce or e-commerce has been the main driver of the growth of the digital payment market. On regional banking statistics, in 2024 ,some 215 banks are operating in the Cordillera, and Automated Teller Machines (ATM) recorded at 330 with Benguet to include Baguio had the most number with 254, while Apayao and Mt. Province had the least with 14 each. Primo Agatep/ABN PHOTO CAP BSP ENGAGES LOCAL MEDIA: Regional Director Noel Neil Malimban of Bangko Sentral ng Pilipinas-Northern Luzon reports on regional operations in the recent Media Information Session held at the agency’s office in Loakan, Baguio City.

Primo Agatep/ABN