Tired of Being Shortchanged? Circulate Coins – BSP

Dagupan City (PIA) – The Bangko Sentral ng Pilipinas said consumers should stop complaining about being shortchanged after buying a product because of lack of coins in circulation.

The BSP-Dagupan branch said at least 21 billion pieces of coins are supposed to be circulated in the country. When divided by the Philippine population, each Filipino can have at least 250 pieces of coins in individual possession.

Analiza Catan, senior research specialist and information officer of BSP-Dagupan, said of the 21 billion pieces, 56 percent are 25 centavo coins and below while the remaining 44 percent are one, five and 10 peso coins.

“We encourage everyone to use their coins in order for it to circulate and we could all receive exact change whenever we buy a product,” Catan said during the KBP Forum held at the Philippine Information Agency-Dagupan office.

As Pinoys are fond of storing coins in piggy banks or ‘alkansya,’ the BSP advised that when these piggy banks are full, it is best to go to commercial banks and exchange the coins for paper bills.

Catan said aside from not receiving the exact amount of change, another disadvantage of not spending coins is that the government will spend more money for the production of a coin.

“Production of a centavo costs more than its value,” she added.

Ma. Lourdes Manaois, research specialist, said in the same forum that House Bill 2411 or the anti- hoarding of coins is now on its second reading in Congress.

Manaois said part of the provisions in the House Bill are the acts that constitute hoarding of coins. it also provides how long a person can hold coins in his possession and how much is allowed in his possession, she added. (MCA/VHS/ PIA1-Pangasinan)