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Revenue agencies told to curb gold smuggling

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The Department of Finance wants its two attached agencies—the Bureau of Internal Revenue and the Bureau of Customs—to curb the smuggling of gold out of the country and boost tax collection from the sale of the precious metal.

Posted: May 13th, 2013 in Latest Business Stories | Read More »

Gold claws back losses after biggest fall in 30 years

An Indian woman looks at a display of gold jewelry at a shop in Mumbai, India. Gold prices recovered slightly on Tuesday, April 16, 2013, after suffering their heaviest slump in 30 years triggered by weak Chinese growth data and reports Cyprus was planning to sell part of its reserves.  AP PHOTO/RAJANISH KAKADE

Gold prices clawed back some losses Tuesday after suffering their heaviest slump in 30 years triggered by weak Chinese growth data and reports Cyprus was planning to sell part of its reserves.

Posted: April 17th, 2013 in Latest Business Stories | Read More »

In search of rare metals, PH leaves no stone unturned

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Graphic illustrating the use of rare earth metals, 95 percent of which are supplied by China.  The Philippines is leaving no stone unturned in its quest for rare earth elements, a major component of electronic products. AFP

The Philippines is leaving no stone unturned in its quest for rare earth elements, or REE—a major component of electronic products.

Posted: January 2nd, 2013 in Editor's Pick,Featured Gallery,Headlines,Photos & Videos | Read More »

Gold, copper sales to improve in 2013, prospects not as bright for other metals

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AP file photo

The global metals and mining environment will likely be unfavorable in the coming year given the oversupply arising from this year’s global downturn but trends are seen improving at least for gold and copper miners, according to global credit watcher Standard & Poor’s.

Posted: December 6th, 2012 in Latest Business Stories | Read More »

Gold sellers paying less tax than they should—BIR

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BIR Commissioner Kim Jacinto-Henares. INQUIRER FILE PHOTO

Gold sellers are actually paying less taxes than they should, according to chief revenue commissioner Kim Henares.

Posted: November 14th, 2012 in Latest Business Stories | Read More »

BSP backs clamor for review of gold tax

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benguet-gold

The Bangko Sentral ng Pilipinas (BSP) has joined the clamor for a review of the 7-percent tax on gold sales, believing that the smuggling of the precious metal out of the country could become even more rampant if the tax issue remained unresolved.

Posted: November 13th, 2012 in Featured Gallery,Latest Business Stories,Photos & Videos | Read More »

Philex Mining produces P1.4B worth of metals in July

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Philex Mining Corp. disclosed on Monday that the company produced P1.4 billion worth of metals in July.

Posted: August 6th, 2012 in Latest Business Stories | Read More »

Trading of Philippine gold with BSP falls 92% in Q1; smuggling blamed

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In this photo taken on September 20, 2011, gold nuggets are weighed in the Philippine gold rush site of Mount Diwata in the country's strife-torn south. Despite rising metal prices worldwide, the amount of gold traded in the country plunged by  92 percent in the first quarter of 2012, and the Department of Environment and Natural Resources blames smuggling for this.  AFP PHOTO / JAY DIRECTO

Despite rising metal prices worldwide, the amount of gold traded in the country plunged by an unbelievable 92 percent in the first quarter of the year, leaving the Department of Environment and Natural Resources (DENR) to wonder where the precious metal all went.

Posted: June 10th, 2012 in Latest Business Stories | Read More »

Lower LME prices pull down Nickel Asia Q1 sales, profit

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Nickel Asia Corp. posted lower sales and income despite higher shipment volume in the first quarter of 2012 as benchmark London Metal Exchange (LME) prices dipped.

Posted: May 8th, 2012 in Headlines | Read More »

Atlas posts record metal exports

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Atlas Consolidated Mining and Development Corp.’s wholly owned subsidiary, Carmen Copper Corp. (CCC), has set a new record in metal exports, according to a disclosure to the Philippine Stock Exchange.

Posted: May 8th, 2012 in Latest Business Stories | Read More »

Gold to reach record above $2,000 this year—GFMS

LONDON—The gold price is on course this year to go above $2,000 an ounce for the first time as investors seek out the safe haven metal amid economic turmoil, consultancy GFMS forecast on Thursday. Gold was being traded at $1,810 on Thursday, off its record high of $1,921.15 an ounce reached on September 6. “Although [...]

Posted: September 15th, 2011 in Latest Business Stories | Read More »

Gold hits record high near $1,900

LONDON—Gold hit a record high near $1,900 an ounce in Monday trade as lingering fears of a fresh global recession caused dealers to snap up the precious metal regarded as a safe-haven investment. Gold struck an all-time peak of $1,894.80 on the London Bullion Market, beating its high of $1,878.15 recorded last Friday. It stood [...]

Posted: August 22nd, 2011 in Latest Business Stories | Read More »

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