CEBUANA LHUILLIER SETS MOBILE GOLD BUYING STATIONS IN CORDILLERA

August 31, 2024 Metro BLISTT

Gold buying ‘war’ looms

CEBUANA LHUILLIER GOLD BUYING STATION IN CORDILLERA:

Rose Ferrer, Division Head -Gold Buying Division of PJL Lhuillier’s Finance Group, discusses their company’s gold buying program during the recent 5th national assembly of the National Coalition of Small-Scale Miners held recently in San Lorenzo Ruiz, Camarines Norte. Ferrer says a mobile gold buying stations set to open in Sagada, Mt. Province and Itogon, Benguet. No minimum volume and No processing fee are required for their buying scheme.

Photo by Primo Agatep/ABN

BAGUIO CITY

‘Sige ubusan tayo ng kayamanan,’ declared Rose Ferrer, Division Head Gold Buying Division of PJL Lhuillier’s Finance Group, versus operators/buyers of the so-called ‘black market’ system. Ferrer made this aggressive pronouncement during the 5th national assembly of the National Coalition of Small-Scale Miners held recently in San Lorenzo Ruiz, Camarines Norte, noting the unabated black market way in buying gold to pocket miners across the country.

In fact, several SSM association leaders present in the said national assembly, confided the rampant operation of the illegal market practice , Cordillera is not spared, especially in the city and Province of Benguet. ”It is high time for us to sell our gold produced to BSP, because it will go back to the local government unit, which will be shared among
the province, municipality, and barangays,” SSM leaders said.

As per government data, the PJL official revealed that in 2023, some $450 billion (estimated gold production) from local pocket miners, only $180 million were sold by SSM to Bangko Sentral ng Pilipinas (BSP), forcing the (BSP) to buy gold from international market, thus maintaiming the country’s economy. And to keep the country’s economy, PJL through its sister company Cebuana Lhuillier, Ferrer said their company has volunteered to become intermediary or a bridge for BSP in buying gold produced by local SSM.

As this developed, Ferrer said her company is set to establish mobile gold buying stations in Sagada, Mountain Province and in Itogon, Benguet. Anchored on PJL Lhuillier’s’ core values and putting premium on transparency and fairness, Ferrer said their company invested millions on a modern technology for the supply and distribution system, assuring value and transaction of gold buying. Under the company’s golf buying program, it will be based on weight, purity, material recovery as well as daily price of the commodity strictly following BSP policies.

Ferrer stressed no minimum volume is required , saying ‘kahit kasing laki ng butil ng monggo.’ Also no processing fee in the selling process. In fact, their company bought the lowest volume of .17 grams while the largest was 114.40 grams. To date, Cebuana Lhuillier has bought a total of 6.8 kilos of gold mostly from T’boli SSM in South Cotabato.
A number of small-scale mining associations across the country attended the convention to include a delegation from Benguet Federation of Small-Scale Miners ,Inc. (BFSSMI), an aggrupation of about 150,000 pocket miners,
representing 55 active SSM groups.

Primo Agatep/ABN