The Regional Development Council (RDC) XII approved a resolution no. 52 series of 2022 on the creation of Cluster on Gold Trading under the Economic Development Council (EDC) XII- Subcommittee on Mineral Industry Development (SCMID) on June 23, 2022.

The Cluster on Gold Trading (COGT) is aimed to promote competitive prices and incentives from the BSP for gold sellers and provide coordinative mechanism for the legitimization of gold trading in the region. It shall also help BSP streamline the process of a more conducive and responsive Gold Buying program for large and small-scale miners in the region.

The cluster is composed of MGB XII, BSP, Department of Trade and Industry (DTI) XII, Philippine National Police (PNP) XII, National Intelligence Coordinating Agency (NICA) XII, Philippine Statistics Authority (PSA) XII, Bureau of Internal Revenue (BIR) XII, Philippine Information Agency (PIA) XII, Provincial Mining Regulatory Board (PMRB) of Sultan Kudarat and South Cotabato and the Soccsksargen Responsible Miners Association (SRMA).

MGB XII Regional Director Efren B. Carido presided the first Cluster on Gold Trading meeting on August 28, 2022, via online platform. BSP-Mindanao Regional Office representative Johannes Bantugan presented to the members the BSP Accreditation and Registration Procedure. He also discussed the lacking requirements needed by the four (4) Small-Scale Mining Association/Cooperative in Region XII for its BSP accreditation.

Gold selling of Small-Scale Miners (SSM) to Bangko Sentral ng Pilipinas (BSP) is stipulated under the Republic Act 7076 or “The People’s Small-Scale Mining Act of 1991” wherein small-scale miners are legally obligated to sell their gold to the BSP. The increase on gold reserves helps the country’s Gross International Reserve (GIR) provide economic stability.  

Aside from helping the economy grow, the Cluster on Gold Trading urged SSM to register to BSP as an official gold trader so they can also benefit a tax exemption from selling minerals to the government.

Members of the Cluster on Gold Trading convened on August 26, 2022 via Zoom application.
BSP-MRO Johannes Bantugan presented the BSP Accreditation and Registration Procedure to members of Cluster on Gold Trading.