Live Breaking News & Updates on Hich Was Signed Into Law On March 29

MANILA - Exempting small-scale miners from paying income and excise taxes resulted in around 1,000 percent jump in Bangko Sentral ng Pilipinas' (BSP) gold purchases in 2020 and more refinements are still in the pipeline to support this. In a virtual briefing on Friday, BSP Mint and Refinery Operations Department Director Joseph Norbert S. David said Republic Act (RA) 11256, or the amendment in the National Internal Revenue Code, which was signed into law on March 29, 2019 "has a positive impact on our purchases". "The BSP was able to buy a total volume of 115,800 troy ounces as compared to the 10,207 troy ounces in 2019. It is also worthy to mention that the current volume of the purchases this year has already exceeded that of last year's purchases," he said. He, however, declined to give the figures for their gold purchases so far this year, citing that there are certain protocols before this can be disclosed to the public. In general, he said most of thei ....

Davao City , Joseph Norberts David , Bangko Sentral , National Internal Revenue Code , Refinery Operations Department , Republic Act , Monetary Board , Quezon City , Security Plant Complex , Manila Exempting Small Scale Miners From Paying Income And Excise Taxes Resulted In Around 1 , 000 Percent Jump In Bangko Sentral Ng Pilipinas 39 Bsp Gold Purchases 2020 And More Refinements Are Still The Pipeline To Support This Ina Virtual Briefing On Friday , Sp Mint And Refinery Operations Department Director Joseph Norberts David Said Republic Act Ra 11256 , R The Amendment In National Internal Revenue Code , Hich Was Signed Into Law On March 29 , 019 Quot Hasa Positive Impact On Our Purchases The Bsp Was Able To Buya Total Volume Of 115 , 800 Troy Ounces As Compared To The 10 , 207 Troy Ounces In 2019 It Is Also Worthy To Mention That The Current Volume Of Purchases This Year Has Already Exceeded Last 39s , Uot He Said , Eclined To Give The Figures For Their Gold Purchases So Far This Year , Iting That There Are Certain Protocols Before This Can Be Disclosed To The Public In General , E Said Most Of Their Gold Purchases Came From Baguio Followed By Those Davao , Oth Of Which Was Due To The High Resources In These Areas Further Entice More Small Scale Miners Sell Their Gold Central Bank , Avid Said They Have Submitted To The Bsp 39s Policy Making Monetary Board Mb Proposed Changes , Ome Of Which Are Seen To Be Implemented Either This Or Next Year These Programs Include Making Rates Attractive Small Scale Miners , Inimizing The Processing Cost , Nd Fast Tracking The Turn Around Time For Assay Of Gold And Disbursement Final Payment David Said Initial Takes Onlya Few Minutes But Fire ,