Gold Rush by Central Banks Gets Boost as Philippines Joins Push
- Purchases by BSP could reach almost 1 mln oz, Guinigundo says
- New law exempts taxes on bullion purchases from local miners
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The Philippines is joining a slew of central banks that are increasing gold holdings in foreign reserves.
Sales to Bangko Sentral ng Pilipinas could reach almost 1 million fine troy ounces a year from the current 20,000 to 30,000 ounces as a new law that exempts taxes on the monetary authority’s bullion purchases from small-scale miners takes effect, according to Deputy Governor Diwa Guinigundo.