Mining firm OceanaGold (Philippines) Inc. (OGP) increased its contribution to the country’s gold reserves last year by surpassing the 25-percent minimum requirement under its gold-buying agreement with the Bangko Sentral ng Pilipinas (BSP) by six percentage points (ppts).

OGP said in a statement that it sold 31 percent, or around 6,684 ounces, of its annual gold doré production to the BSP in 2025.

OGP President Joan Adaci-Cattiling said this reinforces the company’s commitment to strengthening the country’s reserve buffer and economic resilience amid ongoing global uncertainty.

“As the government’s partner in responsible resource development, we hope to continue to contribute to strengthening the country’s financial position and maximize the value of precious metals,” she said.

Under its present gold-buying agreement, OGP will offer at least 25 percent of its annual gold doré output to the BSP from March 2025 to March 2028.

OGP initially sold a total of 37,744.5 ounces of gold to the central bank under its previous agreement, with annual deliveries averaging around a quarter of the firm’s total gold production.

“With our purpose of mining gold for a better future, this valuable partnership with the BSP is a tangible proof of how resource development can support both economic stability and long-term growth,” said Adaci-Cattiling.

The latest BSP data showed that the country’s gross international reserves (GIR) dropped to a 15-month low of $104.13 billion in April, with gold reserves declining to $19.8 billion from the previous month’s $20.2 billion.

At a time of market volatility driven by the ongoing war in the Middle East, gold serves as a safe-haven hedge against inflation and currency fluctuations, helping safeguard domestic purchasing power.

For the year, OGP expects to once again meet or exceed its obligations under its gold-buying agreement with the BSP.

The company, however, is already taking proactive measures to prevent potential disruptions to its operations due to the Middle East crisis, especially its impact on fuel and other goods.

“Though there has been no disruption to operations to date, higher diesel prices and supply-side factors have the potential to impact operating and capital costs,” said OGP.

OGP reported that its net income soared to $34.7 million in the first quarter from $7.4 million during the same period last year on the back of higher metal prices.

Average realized prices for gold in the first three months increased by 77 percent to $5,049 per ounce from $2,858 per ounce last year. Meanwhile, the average price of copper rose to $6.10 per pound from $4.27 per pound.

Based on its financial report, the company’s revenues nearly doubled to $158.4 million from $79.3 million in the prior year, helping offset the 136-percent increase in expenses to $34.5 million from $14.6 million.