Philippine Central Bank to Increase Gold Holdings in Reserves
By GCRU Gold News on Thursday, May 30 2019, 22:08 - Permalink
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.