P4-M DAILY AVERAGE GOLD TRANSACTION IN BAGUIO “BLACK MARKET”

October 19, 2024 Metro BLISTT

BAGUIO CITY

An estimated P4 million daily average of gold transaction in Baguio reportedly goes to ‘underground deal.’ In support to government efforts to ensure gold reserves to sustain the country’s economy and position in
international market, Loacan Itogon Pocket Miners Association (LIPMA) the PJL Inc. Cebuana Lhuillier signed a
gold buying deal. Some P200, 124.61 worth of gold, weighing 56.54 grams with 76.11 percent purity was sold
initially by local small scale miners (ssm)belonging to Loacan Itogon Pocket Miners Association (LIPMA) through
PJL Inc. Cebuana Lhuillier branch in Ucab, Itogon, Benguet.

It came a few hours after LIPMA and Cebuana Lhuillier signed a one year gold supply contract on a beautiful sunny
day on Oct 9 (2024) at the ssm association’s office in Loacan, Itogon , attended by both officials and pocket miners of
Lipma whom the latter showed mixed feelings. “We drive financial inclusivity, assist in communities for better
livelihood and provide access to financial services,’states Cliff Cabungcal, Chief Finance Officer, PJL Lhuillier Group of Companies, who signed for the company.

Alexander Siblag, vice president of LIPMA signed for the association. Eddie Kingay, president of Lipma, who was
‘critical’ about the contract, claimed that PJL allegedly failed to deliver what it earlier promised such as projects for the community, witnessed the signing. Earlier, scored the significance of the contract signing in support to the government efforts, one way of ensuring the country’s gold reserves through the said partnership. He also stressed unity among the members.

For the record, LIPMA was the first ssm association in the region a Minahang Bayan (MB) and Small-Scale Mining Contract (SSMC) by the Benguet’s Provincial Mining Regulatory Board. And it was the late Engr. Lomino Kaniteng, then president of the Benguet Federation of Small-Scale Miners ,Inc BFSSMI), who moved for the approval of LIPMA’s minahang bayan. Among the government officials who witnessed the contract signing were Brent Pagteilan and Santiago both officials of Mines and Geosciences Bureau –Cordillera (MGB-CAR) and Lawyer Noel Neil Malimban, Regional Director , Bangko Sentral ng Pilipinas- North Luzon.

Pagteilan represented MGB-CAR Regional Director Fay Apil in the historic occasion. ‘The formalization of the gold supply agreement between PJL , Inc. and the Loacan Itogon Pocket Miners Association is not only a testament to the strength of our local mining industry but also to the value of cooperation in advancing sustainable mining practices,’ states the message of RD Apil. “This agreement signifiers a turning point for the small-scale miners of Loacan, Itogon. By working closely with PJLI, the miners now have a reliable partner that can provide not only a fair market for their gold but also the means to improve operational practices, ensuring that mining activities adhere environmental and safety standards.

Primo Agatep/ABN