The BSP purchases gold from small-scale miners in accordance with Republic Act No. 7076 (People’s Small Scale Mining Act of 1991) and from other sources. It then refines the gold purchased to forms acceptable in the international bullion markets.
The BSP has four existing buying stations located in Quezon City, Baguio City, Davao City and Zamboanga City.
GUIDELINES – BSP GOLD BUYING PROGRAM
1. Gold may be sold to the Bangko Sentral ng Pilipinas (BSP) through its buying stations in the Mint and Refinery Operations Department (MROD) in Quezon City and in the Bangko Sentral regional offices in Davao City (BSRO-Davao), Zamboanga City (BSRU-Zamboanga) and Baguio City (BSRU-Baguio).
2. The Bangko Sentral shall purchase the refined gold in Philippine pesos (PHP), at the prevailing international gold market price and prevailing PHP / USD exchange rate set by the BSP Treasury Department on a daily basis.
3. Gold traders / residents intending to sell their gold to the Bangko Sentral shall address and present to the Office of the Director, MROD (if sold to the MROD buying station) or to the Office of the Regional Administrator (if sold to the regional buying stations), their “Letter of Delivery and Sale” clearly indicating that the gold is offered for sale for value on the date of delivery and must be received not later than 2:00 p.m. of the advice date. Advices received after 2:00 p.m. purporting to sell gold shall be for value on the following business day.
NOTES:
a. Forms of the “Letter of Delivery and Sale” shall be provided by BSP.
b. Xerox or other reproduced copies shall not be allowed / accepted.
4. Requirements for Acceptance:
a. Physical Form
1. Bar or disc (powder is not accepted).
2. Should not contain mercury or amalgam in any quantity.
3. Free of slags and other foreign matter.
4. No sign of metallic segregation / layering or poured shortness.
5. Should not be damp or wet.
b. Maximum Dimensions
1. Bar : 16.5 cm (6.5”) long x 8 cm (3”) wide x 4 cm (1.5”) thick
2. Disc : 10 cm (4”) diameter x 5 cm (2”) thick maximum
c. Weight
1. Maximum weight of bar/disc shall be approximately 160 tr. oz. (5 kgs.)
2. Maximum weight per lot shall be approximately 320 tr.oz. (10 kgs.)
d. Minimum Gold Assay – 30%
5. Payment Scheme:
a. Initial payment equivalent to 98% of the value of the delivery based on as-received weight and approximate assay by specific gravity method, shall be paid the following business day after date of delivery / sale, depending on the volume of purchase.
b. Final settlement of the balance shall be paid upon completion of evaluation melting and final assay or within thirty (30) calendar days from date of delivery / sale, depending on the volume of purchase.
6. Deductions (processing cost and metal recovery factors) shall be applied in accordance with the following schedule:
Bar Assay Fineness Processing Cost** Metal Recovery Factor, % (PhP/tr.oz. of material received)
995 and above, PHP 34.00, 99.8
900 to less than 995, 37.77, 99.3
700 to less than 900, 39.37, 99.0
500 to less than 700, 42.17, 98.9
300 to less than 500, 45.67, 98.6
Silver Recovery – 97% for assay of 1% and higher; no recovery for assay below 1%
** 1. Minimum charge of PHP 1,600.00 per delivery
2. Additional assay fee of PHP 1,600.00 per lot in excess of one (1) lot per delivery.
1 comment:
Good day,
If I am a certified treasure hunter in the Philippines and found bars of gold can I directly sell it to Bangko Sentral ng Pilipinas?
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