Buying And Selling Gold In The Philippines: When it comes to buying gold in the Philippines, there are many questions, such as, is it legal to own gold bars in the Philippines? Also, where is the best place to buy real gold in the Philippines? And is there a place to sell gold coins?
These questions and more will be answered in today’s beginners’ guide on buying and selling gold in the Philippines.
Types Of Gold To Buy In The Philippines
Fortunately, there are many ways to invest in gold in the Philippines. Below are six ways investors can directly or indirectly invest in gold in the Philippines
- Gold Bullion (Gold Bars)
- Gold Coins
- Gold Jewelry
- Gold Certificates
- Investing In Stocks (Of Gold Mine Companies)
- Investing In Gold Mutual Funds
So which option is best for investors? Of course, each option has its pros and cons. For those who wish to invest in gold in the Philippines, purchasing physical gold such as gold bars may be a more suitable option.
For investors who wish to invest in gold but do not wish to keep gold at their home address, a gold certificate would be the best option as the gold is kept safe and secure.
However, if you want to invest your money into an asset that has more flexibility, investing in stocks of gold mining companies may be a more appropriate alternative.
So now that we know different types of gold to buy in the Philippines, you may be wondering where is the best place to buy gold bars (or gold coins) in the Philippines?
Where To Buy Cheap Gold In The Philippines
The London Bullion Market Association (LBMA) sets the international price of gold. This is based on the supply and demand of gold. However, rates will differ from establishments, and you may find that you pay much more for gold in some places than in others.
The cheapest way to buy gold in the Philippines is by buying gold via BSP. This is because gold dealers frequently add on their fees, which increases the price.
Nevertheless, depending on the time of the transaction and the dealer, you may find some great rates for purchasing gold.
When buying gold coins in the Philippines or any gold items, it’s often recommended to shop around and get prices from several legitimate sources before purchasing gold.
Another essential requirement for buyers and sellers is to read Presidential Decree No. 1150. This and other similar laws guide buyers and sellers to ensure that transactions are completed safely and lawfully.
How To Buy Gold In The Philippines For Beginners?
When purchasing gold from a private dealer or store, the process of buying gold is identical to purchasing other products. Investors first find the products they are interested in, pay for the item, and complete the transaction.
During our research (how to buy gold In Cebu, Davao gold brokers, selling gold in Manila, etc.), we found that on some occasions, identification was needed. But this may depend on the type and purchasing volume of gold.
The process is slightly different if you are looking for how to buy gold from the BSP.
- Head Over To One Of The BSP Gold Buying Stations (Details Below)
- Check The Gold Rates
- Understand The Laws And Policies If You Wish To Sell Your Gold In The Future (Republic Act 11256 / LBMA’s Responsible Gold Guidance)
- Make Payment And Complete Your Gold Buying Transaction
As mentioned – below are the gold buying stations of BSP.
|National Capital Region||BSP Security Plant Complex, Quezon City|
|Cordillera Region||BSP North Luzon Regional Office|
|Bicol Region||BSP Naga Branch|
|Davao Region||Mindanao Regional Office|
|Zamboanga Region||BSP Zamboanga|
If you are a beginner at buying gold or a beginner at investing in gold in the Philippines, it is strongly recommended to only purchase gold from legal, legitimate, and professional sources.
Unfortunately, there have been gold scammers and gold investment scams in the Philippines, so it is best for buyers and sellers to keep an eye out for this during the process.
When Is The Best Time To Buy Gold In The Philippines
One of the biggest advantages of buying gold is that we have data! Data can help us make better decisions, including when is the best time to buy gold in the Philippines.
If we compare data over the last 50 years, gold price tends to drop the most around the month of March. Some sources suggest that April is the lowest month, but March is where the biggest drops happen.
Therefore based on the data on the international buying and selling of gold, the best time to purchase gold in the Philippines is around March to April.
However, similar to all types of assets, several external events can influence the price of gold at any one time.
Where To Sell Gold In The Philippines
The best place to sell gold in the Philippines is via the Bangko Sentral ng Pilipinas (BSP). So what are the steps to sell gold in the Philippines with the BSP? Let’s break this down.
- The Seller Submits Documents (Proof Of Gold Buying Source Such As A Receipt)
- The Seller Availing Of The Tax Exemption From The Sale Of Gold Must Obtain A BSP Certification
- The Seller Submits Documentation (See Below)
- The Sellers Must Ensure That The Gold Follows The Terms And Conditions Set By The BSP (Free From Foreign Matter, Not Over The Weight Or Size Limit, Etc.)
- Payment Received For Gold, Deductions Made (Tax And Fees)
BSP document requirements are as follows.
- Tax Identification Number Card/Form (2 Originals, 2 Photocopies)
- Passbook Or ATM With The Account Number (1 Original, 1 Photocopy)
- Passport-Sized ID Photo (2 Pieces)
- Acknowledgment Of Gold Delivery And Sale (1 Original, 1 Photocopy)
- Business Permit (Only Traders Or Companies – 1 Photocopy)
- Authority To Credit Bank Account (1 Original)
- Authority To Release Information (1 Original)
- Letter Of Authorization (1 Original)
- Letter Of Delivery And Sale (3 Originals)
- BIR Form No. 2299 (3 Originals)
- BIR Form No. 2200-M (3 Originals)
Is It Legal To Own Gold Bars In The Philippines
It is 100% Legal to own gold bars in the Philippines. In addition, the Bangko Sentral ng Pilipinas states that a resident buying and selling gold in the Philippines may freely do so without approval from the BSP.
As mentioned throughout today’s guide on buying and selling gold in the Philippines for beginners – there are several laws around the topic of gold.
It is recommended to read these laws to ensure that you purchase gold safely and legally. However, in most cases, domestic sellers and buyers of gold in the Philippines won’t have any issues investing and selling their gold.
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