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Erik De Castro / Reuters
Filipino miners push a cart containing sacks of mineral muck ore in the gold mining town of Diwalwal on Wednesday.
Erik De Castro / Reuters
Filipino miners use water to get gold dust from diced muck ore.
Erik De Castro / Reuters
A gold trader uses a stone to classify the grade or value of a gold nugget.
Reuters reports: Arthur Uy, who looks after Mount Diwata as governor of Compostela Valley province in southern Philippines, the top small-scale gold mining province in the Philippines, said the black market in gold is mainly based in the capital, Manila. "All the production of small-scale mines, almost all, now goes to the black market, because there is no tax in the black market," said Rex Banggawan, an accountant for a small-scale mining cooperative that buys and sells gold in the mountain city of Baguio in northern Philippines. "After that, smuggling is automatic."
"Most of the gold is being smuggled out to Hong Kong, that's the biggest market," said Uy, a two-term governor whose family of Chinese descent partly owns one of the four most productive small-scale mines on Mount Diwata. Continue reading the full story.
Erik De Castro / Reuters
A view of houses in the gold mining town of Diwalwal in Compostela Valley, southern Philippines.
Leave a Comment:
'news flash' it has already turned bad here and here we do have more room to deal with it. and dont have to deal with the stigma of being a foreigner
Romney=Ryan 2012
You must be one of the top 1%-----if you are anything less and would vote for Romney, then you have a mental deficiency!!
Black marketing occurs everywhere but it is definitely very bad in the Philippines and will only get worse with a corrupt government and will continue to lose tax revenue until the regulations are enforced by civil or military law and even then it will only decrease it as the islands are too vast to control 100% of, but minimal is better.