Philippine media revealed that Philippine President Rodrigo Duterte signed a decree on March 29th to exempt domestic small gold mines from sales tax related to selling gold to the Central Bank of the Philippines. Analysts pointed out that the Philippine government's move is to increase the gold reserves of the Philippine central bank and crack down on gold smuggling. It is reported that according to the current laws in the Philippines, all small gold mines in the Philippines must sell gold to the Central Bank of the Philippines, and the price is based on the gold market price.

Source: China Precious Metals, No.6, 20 19, 56-56, *** 1.

China precious metals

Keywords: Philippine gold sales, central bank gold sales, government market price

Classification number TD 953[ Mining Engineering-Mineral Processing]