By Katlene O. Cacho-Laurejas | Sunstar | May 05, 2025 7:51 PM

LISTED mining firm OceanaGold (Philippines) Inc. (OGP) and the Bangko Sentral ng Pilipinas (BSP), the country’s central bank, have renewed their gold buying agreement for an additional three years, solidifying their partnership aimed at bolstering the Philippine economy’s gross international reserves.

The renewed agreement, effective from March 2025 to March 2028, commits OGP to offer for purchase at least 25 percent of its annual gold doré production to the BSP. Gold doré is a semi-pure alloy typically consisting of gold and silver. The initial gold-buying agreement between OGP and the BSP was established in May 2022.

In a statement sent, lawyer Joan Adaci-Cattiling, OGP president and general manager for External Affairs and Social Performance, emphasized the company’s commitment to national economic development.

“We continue to support the Philippine economy by prioritizing BSP and their gross international reserves through this renewed agreement. This demonstrates our steadfast and continued commitment as a partner for economic development and sustaining overall growth amid global uncertainties,” she said.

Adaci-Cattiling further noted that the agreement extends beyond mere regulatory compliance under their Financial or Technical Assistance Agreement with the Philippine Government. “We view this agreement as part of our purpose of mining gold for a better future,” she added.

In 2024, OGP demonstrated its support by selling a total of 6,628 ounces of gold doré, representing 29 percent of its total gold doré production, to the BSP. Notably, 5,356 of these ounces were sold under the BSP’s gold buying guidelines even after the initial purchase agreement expired in May 2024.

Prior to this, OGP sold 9,453 and 12,865 ounces of gold doré to the BSP in 2022 and 2023, respectively, accounting for 28 percent and 27 percent of its total gold doré production for those years. The renewal of this agreement underscores the continued collaboration between the gold producer and the central bank in contributing to the country’s financial stability.

Source: Sunstar

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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