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.
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.
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 Gold TM ! 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.
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