The Didipio mine operator sold around 6,684 ounces of gold doré to the BSP this year, equivalent to 31 percent of annual production and above the 25 percent minimum required under its supply agreement with the central bank.
“Our continued gold sales to the BSP reflect our commitment to reinforce the country’s broader economic resilience. As the government’s partner in responsible resource development, we hope to continue to contribute to strengthening the country’s financial position and maximize the value of precious metals,” OGP president Joan Adaci-Cattiling said in a statement on Monday.
The higher allocation reflects a growing push by monetary authorities globally to stockpile gold as protection against inflation, currency swings and geopolitical tensions that continue to pressure economies and financial markets.
For the Philippines, the arrangement gives the BSP access to more locally produced gold reserves without relying entirely on overseas purchases, helping strengthen the country’s financial position during uncertain times.
The current agreement requires OceanaGold to offer at least 25 percent of its annual gold doré production to the BSP from March 2025 until March 2028.
Since the partnership began in 2022, OceanaGold has sold about 37,744.5 ounces of gold to the BSP, consistently meeting or exceeding its required commitments.
—Edited by Miguel R. Camus
