BSP to Buy More Gold from Small Miners

Source: Philippine Star

The Bangko Sentral ng Pilipinas (PSE: BSP) may further build up its foreign exchange reserves after President Rodrigo Duterte signed a law exempting small-scale miners from paying income and excise taxes when they sell their gold to the central bank.

BSP Governor Benjamin Diokno said in a text message to reporters that the new tax code would allow the central bank to increase its purchases of domestic gold to further build up the country’s gross international reserves (GIR).

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