The Bangko Sentral ng Pilipinas sells gold grains and sheets to local jewelry manufacturers and industrial users. The gold grains are packaged into 50 and 100 grams and may be purchased at the Department of General Services (DGS), Bangko Sentral ng Pilipinas, East Avenue, Diliman, Quezon City. At present, gold sold is 24K and minimum assay is 99.5%.
Members of the Meycauayan Jewelry Industry Association, Inc. (MJIA) and the Guild of Philippine Jewellers, Inc. (GPJI) are exempted from submitting their business registration, permits and latest Income Tax Return while non-members are required to do so.
PROCEDURES FOR PURCHASING GOLD
- Accomplish the following forms and present them to DGS:
a. Application to Buy Gold for Jewelry Manufacturing and Industrial Purposes
b. Authorization to buy gold from BSP.
The DGS employee in charge of gold sales receives (date and time stamp, records) the application and computes the cost of gold to be purchased based on the BSP selling rate determined by the Treasury Department plus the applicable service fees and taxes.
The buyer pays for the gold in the forms of cash, Cashier's or Manager's Check, or authorized/confirmed Debit of Demand Deposit of Banks to the
The buyer presents the official receipt to the DGS employee in charge of gold sales, who in turn releases the purchased gold to the buyer.
Upon receiving the purchased gold, the buyer signs the Acknowledgement Receipt to complete the transaction.
* The same procedures apply for the sale of silver. For the forms and other details, you may call the Department of General Services at 988-4562 to 63.