Our First Transaction, Our First Bold Step

Have you ever wondered if a small step could pave the way for a remarkable upturn in the gold reserves of the Philippines? The answer might just be "yes."

The Philippines, often called the “Pearl of the Orient”, is also a nation glittering with gold, its soil steeped with the promise of Solomonic wealth. Our country proudly stands as the fifth most mineralized in the world, boasting an estimated US$1 trillion in untapped reserves of copper, gold, nickel, zinc, and silver. This vast wealth holds the power to reshape history and elevate the lives of every Filipino, promising a future brimming with prosperity and opportunity.

Despite the immense challenge posed by undocumented gold production that finds its way into foreign soils, the World Gold Council reports that the Philippines holds a top rank as being the 20th biggest gold producer in the world in 2022 with an impressive 29.04 thousand kilograms of gold produced. Needless to say, our nation holds immense potential for further expanding its gold production. To unlock this potential, it requires a comprehensive and collaborative approach involving all sectors of the government, including industries and non-government agencies.

Small-Scale Gold Miners from Camarines Norte 

One promising strategy is to support the artisanal and small-scale gold mining (ASGM) sector, which contributes to around 80% of the country's total gold production. While ASGM is labor-intensive, it provides employment to an estimated 500,000 miners across more than 40 provinces. Furthermore, it indirectly supports over 2 million Filipinos. To empower this crucial sector, it is essential to provide them with various forms of support, including financing, fair trading practices, social upliftment programs, technological inputs, promotion, and advocacy. These vital elements laid the foundation for our startup - GoldX.

After immersing ourselves in the gold industry for ten months, navigating through piles of paperwork, and establishing a connection with the ASGM sector, we achieved this significant milestone. On October 14, 2023, GoldX completed its first transaction by bringing gold from the ASGM sector in Labo, Camarines Norte to the Bangko Sentral ng Pilipinas (BSP) - Naga Branch. This achievement came after GoldX earned accreditation from BSP under the country's Gold Buying Program on September 19, 2023.

Gold discs at BSP
We believe that this seemingly small step of delivering 640.95 grams of ASGM gold to BSP can potentially mark a monumental shift in the gold production trend within our country. While the initial value of this gold transaction is a paltry Php 2.1 million and may seem insignificant compared to the estimated US$1 trillion in gold reserves of the country, we are witnessing the birth of Empowerment GoldTM! Every gram of gold we bring empowers the miners, strengthens their communities, and contributes to the progress of our nation.

GoldX is a social innovation - it's a catalyst for change, a spark that ignites progress. We are excited to be part of this journey towards transforming the gold industry in the Philippines. Together, let's continue to mine for empowerment and change, one gram at a time.

Comments

Post a Comment

Popular posts from this blog

South Korea's “Love of Nation” Gold Collection

Image
I had once heard of a story where a nation's unity and resilience were forged by gold. Never did I imagine that I would find myself amidst a similar awe-inspiring endeavor, one that holds the promise of transforming my own country through our startup company - GoldX. It was during my immersive stay as a postdoctoral research fellow in Yonsei University School of Medicine, South Korea in 2008 that afforded me a profound insight into the unwavering spirit of the Korean people. Despite being almost a decade removed from the devastating 1997 East Asian Financial Crisis, the stories recounted by my Korean colleagues resonated deeply within me. They spoke of rallying together in love for their homeland in the face of a financial crisis.   To comprehend the magnitude of this unity, one must delve into the depths of the 1997 East Asian Financial Crisis, which originated in Thailand and reverberated through neighboring economies like South Korea, Indonesia, and Thailand. These nations, ...
Read more

A Briefer on the People's Small-scale Mining Act of 1991

Image
As we delve into the heart of the GoldX chronicles, it becomes imperative to demystify the legislative framework that governs small-scale mining in our nation. Republic Act No. 7076, better known as the "People's Small-scale Mining Act of 1991," has been the cornerstone of this industry for over three decades. However, as we uncover its intricacies, it's evident that we understand that the law is not without its imperfections. Declaration of Policy Enacted on June 27, 1991, the law's noble purpose is to promote, develop, protect, and rationalize viable small-scale mining activities. The overarching goals are clear—generate employment, ensure equitable wealth distribution, and respect existing rights. The People's Small-scale Mining Program Central to the act is the People's Small-scale Mining Program, addressing social, economic, technical, and environmental challenges. It encompasses the identification of mining areas, recognition of existing righ...
Read more