Philippines Increasing Gold Holdings!!
Philippines Increasing Gold Holdings!! by Rory for The Daily Coin
The fact the Philippines want to “boost foreign reserves” with gold seems like a little thing, but the question I have is – why? It’s no secret that President Duterte is no friend of President Trump or the U.S. even though the Philippines is a U.S. territory. It’s also fairly clear that Duterte is not opposed to cutting ties with the U.S. and wants to become an independent nation state. This would allow the Philippines to conduct business with China, Russia and all the other nations involved with the Belt and Road Initiative (BRI). This would allow the Philippines to become part of the BRI and possibly one, or more, of the other economic alliances that have formed in the Eastern world; e.g. BRICS+, EEU and / or the SCO.
The Philippines has passed a law exempting gold sales by small-scale miners to the central bank from excise and income taxes to boost the country’s foreign exchange reserves and prevent smuggling, the Bangko Sentral ng Pilipinas said.
Philippine President Rodrigo Duterte signed the law into effect on March 29, the central bank said in a statement.
An increase in the country’s gross international reserves will improve the country’s economic standing and lower the government and the private sector’s cost of funding, the central bank said as a reason for the exemption.
It also prevents the smuggling of Philippine gold through the black market to other countries and allows small-scale miners and traders to sell gold at international market prices, the central bank said.
Gold accounted for nearly 10% of the country’s gross international reserves of $83.96 billion at end April. Source
This will allow the Philippine government and, perhaps the citizens as well, to better protect themselves from the failing Federal Reserve Note. If smuggling is discouraged, by having taxes removed – thereby putting gold on par with any other currency – the people / citizens of the Philippines may be more inclined to add gold to their savings. Remember, the Philippines are geographically much closer to gold loving nations than the you and I and this could easily influence the population. Will the Philippines, like China, begin using the interest payments on U.S. Treasuries to fund projects like acquiring more gold?
We wouldn’t be at all surprised to see some type of action taken by rogue actors within the Pentagon or “intelligences” agencies that would create a failure of confidence with Duterte so that regime change becomes inevitable and someone less gold friendly can be put into place. Gold is the enemy of the Federal Reserve Note and the criminal banking cartel, and their minions, will do anything to protect their source of power – especially in light of the coming demise.