BSP denies claims of stolen gold reserves

The Bangko Sentral ng Pilipinas (BSP) clarified that it solely manages the country's gross international reserves (GIR), including gold, to ensure the stability and convertibility of the Philippine peso and meet foreign currency demands.

This statement refutes allegations by former President Rodrigo Duterte that the Marcos family stole and sold the nation's gold reserves, which he claimed led to the peso depreciation.

The BSP buys and sells gold as part of its core functions, with proceeds from any sales being added back into the GIR.

The central bank holds a portion of its reserves in gold, similar to other central banks, primarily as a hedge against market fluctuations.

The BSP noted that gold prices can be volatile and holding too much gold has storage costs and earns little interest, thus limiting the amount of gold reserves central banks may hold.

The Presidential Communications Office also dispelled the allegations, with an official questioning if Mr. Duterte had economic experts informing him of the BSP's regular activities.

The BSP reported that reserves stood at $106.84 billion in 2024, up 3%.