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KALIBO, Aklan – The Bangko Sentral ng Pilipinas (BSP) assures the public that there is no shortage of coins in the country.
In a recently held press briefing on BSP-Economic and Financial Learning Program (EFLP) at Aklan State University-Kalibo, Ralph William C. Meris of the BSP’s Currency Issue and Integrity Office said that the supply of coins is sufficient to support the activities in the Philippine economy.
“As of August 2016, there are 25.4 billion pieces of coins valued at P28.6 billion in circulation; of which about 56 percent are low-denomination coins, such as the 1-, 5-, 10- and 25-sentimo,” Meris added.
He further explained that with the said number of coins in circulation, every Filipino in this nation is entitled to 243 pieces of coins.
“We in the BSP is encouraging the banks to inform BSP of their coin requirements, as the BSP had produced adequate coins to supply the banks the coins they are requiring,” said Meris.
The BSP likewise encouraged the public to report any establishments, especially banks, who say that they do not have sufficient coins to properly address the issue.
Meanwhile, Zeno Ronald R, Abenoja, director of the BSP’s Department of Economic Research appealed to the public to recirculate any coins that they have, so as not to experience the so called “artificial shortage of coins”.
“The artificial shortage of coins may occur if the common practice of people will prevail that is keeping coins idle in piggy banks, drawers, wallet, jars, and the likes,” Abenoja explained.
“The public should instead recirculate the coins by using them in payment of goods and services and in giving exact change,” he added. (PIA)
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