By: Elena Grace Flores
[VIDEO]: BSP Governor Ben Diokno said that the Philippines has more gold than it needs.
The Country’s Wealth
In an interview, Bangko Sentral ng Pilipinas Governor Ben Diokno said that the Philippines has more gold than it needs. We also have some gold in the UK, he added. The incoming Finance Secretary of the Bongbong Marcos administration may be dropping hints. This is contrary to the debt scare that some mainstream media tried to spread.
Buying and Selling Gold
The Philippines only buy gold from local miners. Not buying from other countries but selling to them. The mining industry slows down during the time of the late Gina Lopez whose environmental preservation passion took a toll on the mining industry. Despite that, the BSP still has more than enough gold reserves. This can be linked to the alleged Marcos gold as the BSP amendment trails show it.
Amended Central Bank Law
The amended BSP Law was a Marcos-Duterte Joint effort. Incoming President Bongbong Marcos passed Senate bill 2109 to empower the BSP. It was signed by outgoing President Rodrigo Roa Duterte in 2018 and becomes Republic Act 11211. Come to think of it. The gold bought internally can never equal the gold reserves the BSP has now. Could it be the Marcos gold?