By Raymart Escopel
THE Bangko Sentral ng Pilipinas (BSP) Iloilo branch is urging the public to avoid stocking of coins and rather spend it, so as not to affect recirculation.
According to BSP-Iloilo Senior Research Specialist Lowen Andrew June Ligad, most coins are kept in piggy banks, jars, drawers and other storage items. Based on BSPâs recent investigation, coins are found and stored in âAutomatic Tubig Machinesâ or coin-activated water dispensers, as well as in churches.
Ligad noted there is no coin shortage. However, he encouraged the public to smoothly circulate the coins by spending it through payment transactions or by giving the exact change.
If translated to coin-to-population ratio, one Filipino excluding overseas Filipino workers, is holding 257 pieces of coins in his or her pocket, he added.
BSP reported that about 21.09 billion pieces of coins are being circulated as of February 28. Out of the said number, 56.18 percent are coins with lower denominations.
To promote the change of behavior on spending coins with small denominations, BSP is currently doing rounds to conduct the Coin Regulation Program. The said campaign aims to address the problems arising with the circulation of Philippine currency by educating the public of the importance of proper circulation of money especially of coins.
In connection with the problem on coin circulation, Ligad also reminded the public to abide with the Republic Act 7394 or the Consumer Act of the Philippines which states the prohibition for any entity or business establishment to give change in any form aside from money. (With a report from PIA)/PN
