BSP urges public to spend coins back to circulation
THE Bangko Sentral ng Pilipinas–Kalibo Branch (BSP-Kalibo) is appealing to the public to spend coins in their daily cash transactions to keep the lower denominated instrument in circulation and eventually address the perceived coin “shortage.”
“As of 2009, the BSP has circulated 15.6 billion coins worth P16.9 billion. But sad to say, these coins slowly disappear from circulation. They are either kept in the piggy banks, or in containers left at home. Others find it inconvenient to bring along coins for their regular shopping,” Leonora Templonuevo, deputy director of BSP-Kalibo branch said.
“By doing so, coins become scarce that resulted to inexact change received from transport facilities (tricycle, bus, jeep, etc.) or candies given in lieu of coins from groceries, pharmacies & stores. If we round-off the prices of all items to P5’s or P10’s, we will be paying more for the basic commodities usually priced with centavos like the fuel, groceries & medicines,” she added.
The BSP-Kalibo is not discouraging the public from saving coins though.
Rather, it encouraged depositing accumulated coins with any bank.
Donation of coins to the “Tulong-Barya Para Sa Eskwela” (TBPSE) which is a coin recirculation project of BSP and the Department of Education (DepE) for the benefit of school children is also encouraged.
However, these donated coins should be regularly retrieved and deposited to the TBPSE account with any bank which will form part of the bank’s resources in servicing their clients’ needs for coins.
“Start unloading those saved coins from your storage containers and makes it a habit of paying coins part of daily expenses. This will help facilitate the regular circulation of coins nationwide. If successful, we will reap the benefit of receiving exact change or for our transactions; the business sector, particularly, retail outlets, will have sufficient coin supply to serve their customers; and the government will generate substantial savings in terms of lower coin production,” Templonuevo said. (PNA)
