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The Philippines is considered to be one of the biggest gold producers in the world and being a major producer, the country relies so much on gold as a trenchant component of the country's international reserves. With a favorable gold reserves in the land, the Central Bank of the Philippines are directed towards assisting the gold mining industry and maximizing the purchase of gold produced by either commercial-scale mining ventures or by panning and other non-conventional modes. In effect, the CB induces domestic gold production and economic activity and subsequently discouraging the dependence of local gold mines on foreign refiners, by establishing a Gold Refinery in the land, which is designed to meet the requirements of the industry, capable of producing refined gold bars acceptable in the world market. Thus, the Philippine mining industry as a whole continues to portray a key role in the Philippine economy, earning foreign exchange, contributing taxes to the government coffers, generating employment and improving to a certain extent the infrastructures in the remote areas. The CB may have provided some policies in checking the domestic gold production, however, irregularities still subsist for the very reasons that discrepancies between the supply of gold production and sales to CB are inevitable -- usually sold out at the blackmarket. With this premise in mind, this study will attempt to estimate and determine any irregularities committed by the buyer and seller of gold through the assistance of unrecorded and understated data. The collection of several statistical data would also be of much help in explaining and verifying the validity of the independent variables used. Hence, the regression results are applied mainly to generate the estimates of the discrepancy level as a substitute to "gold smuggling".

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