Hk-based firm sees high gold de­mand in PH

Sun Star Bacolod - - Business -

Kong-based com­pany J. Rot­bart & Co. ex­pects an in­creas­ing de­mand for gold in the Philip­pines, com­pris­ing al­most a fourth of its global port­fo­lio, as more Filipinos opt for new in­vest­ments amid ro­bust eco­nomic growth.

Joshua Rot­bart, founder and manag­ing part­ner of J. Rot­bart & Co., said on Tues­day about 20 per­cent of its transactio­ns world­wide came from the Philip­pines in the first quar­ter of the year.

The firm launched its Manila of­fice last Jan­uary to of­fer a be­spoke pre­cious metal ser­vice with spe­cial­iza­tions in sourc­ing, liq­ui­da­tion, trans­porta­tion and stor­age of bul­lion, as it ex­pands its foot­print in the Philip­pines. It has also an of­fice in Sin­ga­pore.

J. Rot­bart & Co. also of­fers 10 se­cure tax-free vaults glob­ally and de­liv­ery of bul­lion to over 35 des­ti­na­tions world­wide.

“We’re go­ing to keep this 20 per­cent ra­tio for this year. Our plan I would say is to get ex­po­sure, if we get to two per­cent of the lo­cal clients en­gaged in gold, we would be happy for the first year,” Rot­bart said in a press briefing.

“Ev­ery week we get new clients, through the (off­shore) bank (Banco de Oro) and other par­ties,” he said.

Rot­bart noted the com­pany gen­er­ally trades about USD200 mil­lion a year glob­ally.

“For us, it’s a very im­por­tant key mar­ket and I can tell you as a com­pany, a lot of our re­sources now are ded­i­cated to the Philip­pines… So we re­ally be­lieve in this mar­ket,” he added.

Rot­bart said the Philip­pines cur­rently ranks 24th in the world for gold re­serves.

He said an­nual gold de­mand stood at 4,345 tons, with al­most half go­ing to jew­elry.

Mean­while, Rot­bart pushed key ini­tia­tives that could make the Philip­pines a “gold cen­ter.”

“From the gov­ern­ment point of view, scrap the tax and (se­cure) in­fra­struc­ture… You need vault, you need se­cu­rity in place to move it around, you need the airlines,” he said. “If you want to al­low a free trade, you have to scrap the tax, and that’s what Sin­ga­pore did.”

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.