GUIDELINES: ONE-STOP-SHOP SILVER SALES CENTER
A “One-Stop-Shop Silver Sales Center” was created to simplify and facilitate the sale of silver to jewelers and industrial users. Silver is sold at the Department of General Services (DGS), Bangko Sentral ng Pilipinas (BSP), East Avenue, Diliman, QuezonCity during business hours (9:00 am – 11:00 am) in the form of silver flakes packaged into 500 grams. Silver sold is at minimum assay of 95.00%
Sales shall be valued based on silver price as computed by BSP, VAT exclusive.
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 to be followed in the sale of silver:
1. A duly accomplished “Application to Buy Silver for Jewelry Manufacturer and Industrial Purpose” (Annex A) together with the name(s) of persons and their specimen signature(s) authorized to receive the silver (Annex B) shall be submitted by the buyer.
2. The DGS personnel in charge of the silver sales receives the application and computes the cost of silver to be purchased based on the BSP assay, silver price plus 12% VAT.
3. DGS will issue the Order of Payment.
Payment:
1. The buyer pays for the silver in the form of cash or Cashiers’/ Managers’ Check to the Cash Department.
2. The Cash Department teller issues Official Receipt to the buyer as evidence of payment.
Release:
1. The buyer presents the Official Receipt to the DGS personnel in charge of silver sales who then give the silver to the buyer in the quantity and form indicated in the application and computation sheet.
2. Upon receiving the silver, the buyer signs the Acknowledgement Receipt (Annex C) to complete the transaction.
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