The Bangko Sentral ng Pilipinas (BSP) is urging small-scale miners in Davao Oriental to sell their gold produce to them.
During the 1st quarter meeting of the Gold Trading Subcommittee under the Economic Development Committee of the Regional Development Council (RDC) XI held recently in the City of Mati, BSP Davao Regional Director Judith Dolot reminded the small-scale miners that under Republic Act 7076, miners should sell their gold only to BSP and its authorized representatives.
Aside from the members of the subcommittee, around 12 small-scale miners from the province participated in the meeting.
Dolot also cautioned the miners not to be involved in illicit black market activities as it violates the said law.
She added that BSP is buying gold at a fair market price. As of March 13, the gold buying rate of the bank was P 3,819.09 per gram.
As of now, BSP Davao has yet to buy gold produce from small-scale miners in Davao Oriental.
During the discussion, miners emphasized that requirements on permitting and other government processes barred them from selling their gold to BSP.
Dolot affirmed that there is a need to streamline gold trade processes among government agencies, including local government units, noting that she will bring this recommendation to the RDC to improve the gold trade in the region. In the BSP Annual Report for the year 2022, the Philippines has US$ 9.28 billion in gold reserves.
Meanwhile, retired Maj. Gen. Leopoldo Imbang, Jr., Natural Resource Conservation and Operations Division Chief of the Provincial Environment and Natural Resources Office (PENRO), thanked the inter-agency committee for facilitating the open dialogue with the small-scale miners in the province, stressing that this will hopefully lay the groundwork for a resilient and equitable gold trading ecosystem aligned to broader socio-economic objectives.
Imbang also relayed the stance of RDC XI chair and Davao Oriental governor Niño Uy on mining.
In his previous statements, Uy said that it never dawned on him to be in favor of any mining operation in Davao Oriental, as there is just a very thin line separating such operations from environmental degradation.
However, he affirmed that while the decision regarding mining ultimately lies beyond the local government, his administration is committed to ensuring that operators adhere to legal frameworks, prioritize responsible mining practices, and fulfill their financial obligations for the betterment of his province and the entire Davao region. (MLU/PIA Davao Oriental)
