Gold Price in Philippine Pesos (PHP) Today

The Philippines has a long history with gold dating back to pre-colonial times, when the Visayan and Mindanao kingdoms were known for their elaborate gold work — the Surigao Treasure, discovered in 1981, contained the largest collection of pre-colonial Philippine gold artifacts and demonstrated the sophistication of ancient Filipino goldsmithing. Today, the Bangko Sentral ng Pilipinas (BSP), the country's central bank, operates an active gold buying program, purchasing gold from small-scale miners and the public at its Cash Department and designated buying stations across the country at prices based on the London fixing. The BSP holds approximately 159 tonnes of gold reserves — significant for a developing economy. The Philippines is a notable gold producer, with both large-scale mines (like the Masbate Gold Mine operated by Equinox Gold) and a massive artisanal and small-scale mining (ASGM) sector across Mindanao, Benguet, and Camarines Norte that produces an estimated 30-40 tonnes annually. Gold is deeply valued in Filipino culture — it is given at weddings, baptisms, and graduations, and overseas Filipino workers (OFWs) frequently purchase gold jewelry abroad to bring home. Investment gold is exempt from the 12% VAT in the Philippines, though gold jewelry carries the standard VAT rate.

Investment gold (bars and coins from recognized refiners) is exempt from the 12% VAT in the Philippines. Gold jewelry is subject to the standard 12% VAT on the full retail price. The BSP's gold buying operations are not subject to VAT as they constitute a central bank function. Capital gains from selling gold are generally treated as ordinary income and taxed at the individual's marginal rate (up to 35%). However, enforcement on physical gold gains is limited, and the BSP's buying program does not withhold tax on gold purchases from the public. Small-scale mining income has specific tax provisions. There is no wealth tax in the Philippines. Gold brought into the country by returning OFWs or tourists is subject to customs duties above the de minimis threshold, though enforcement varies.

The BSP operates gold buying counters at its headquarters in Manila and through partner banks and designated agencies in mining provinces, offering prices linked to the London Gold Fixing in peso terms. This government buying program provides a floor price and formal market channel for small-scale miners. Major gold mining companies listed on the Philippine Stock Exchange (PSE) include Philex Mining and Manila Mining. The Binondo and Quiapo districts in Manila have traditional gold and jewelry markets. Cebuana Lhuillier and M Lhuillier, the Philippines' largest pawn shop chains, play a significant role in the gold market by providing gold-backed loans and buying gold from the public. The artisanal mining sector, particularly in Diwalwal (Compostela Valley), T'boli (South Cotabato), and Benguet province, produces substantial quantities of gold that enters both formal and informal market channels. Gold jewelry manufacturing is centered in Meycauayan, Bulacan, historically known as the "Jewelry Capital of the Philippines." The Philippine gold market is price-sensitive, with demand surging when prices dip and consumers often buying jewelry by gram weight with minimal markup over gold content value.