BSP buys more gold from Didipio Mine

OceanaGold Philippines Inc.’s Financial Accounting Superintendent Hesther Bahiwag, lawyer Karina Dulinayan, President Joan Adaci-Cattiling, and CEO Gerard Bond with BSP Gov. Felipe Medalla, Senior Assistant Gov. Edna Villa, Deputy Gov. Mamerto Tangonan, Managing Director Rosabel Guerrero, Deputy Governor Bernadette Romulo-Puyat, Currency and Securities Production Department Officer in Charge Sarah Severina Curtis, and Mint and Refinery Operations Director Erizelle Linaban. 

By Leander C. Domingo

OCEANAGOLD Philippines Inc. (OGPI) has offered to increase its gold sales to the Bangko Sentral ng Pilipinas (BSP). OGPI operates the Didipio Mine in the Nueva Vizcaya and Quirino provinces area under a financial or technical assistance agreement (FTAA) with the Philippine government.
    OceanaGold's offer to sell more gold to BSP was in response to BSP Governor Felipe Medalla, who underscored the central bank's commitment to responsible gold sourcing and sound reserve management.
    According to the central bank, Medalla made this declaration at the courtesy call by OceanaGold President and Chief Executive Officer Gerard Bond at the BSP last month where he offered to increase its gold sales to the BSP.
    In May 2022, the BSP and OGPI signed an agreement that will offer at least 25 percent of OGPI's annual gold production to the BSP at fair market prices.
    The BSP said the central bank buys gold from both small- and large-scale miners operating in the Philippines. The BSP said its gold holdings form part of the country's gross international reserves which support economic activities and serve as a buffer against potential adverse impact on the economy.
    An FTAA is a permit issued to a multinational company sharing technology and resources to explore and extract minerals in the Philippines.