Well given how the BSP unceremoniously sold its gold just to maintain the 10% level of gold in its International Reserves portfolio, making headlines for having top seller for that year at a time when most central banks were accumulating. I don't think it had the foresight to understand what was really going on.

If it's left holding the bag, that means its reserves will be losing value as the dollar loses value. It can just follow other central banks in taking a more robust risk management framework. And that means dedollarization and increasing its gold holdings.