Imee Marcos criticizes BSP's plan to sell gold reserves in 2024
gmanetwork.com — November 6, 2024, 03:01 PM UTC
Senator Imee Marcos criticized the Bangko Sentral ng Pilipinas (BSP) for its decision to sell nearly 25 tonnes of gold in early 2024. She questioned why the Philippines is selling gold while other countries are increasing their reserves. Economic managers defended the sale, stating it was part of a strategy to take advantage of high gold prices and generate cash reserves. They noted that the country's gross international reserves (GIR) actually increased despite the sale. Marcos continued to express concerns, arguing that the sale could have been timed better to maximize profits. She called for a detailed explanation from the BSP regarding the rationale behind the decision and its impact on the country's reserves.