Bangko Sentral promotes the continues use of coins

By Philippine Information Agency (PIA 8)
June 7, 2010

TACLOBAN CITY  –  The Bangko Sentral ng Pilipinas Tacloban Branch is set to conduct a Multisectoral Consultative Dialogue on June 10, 2010 from 9:00 o’clock to 11:00 o’clock in the morning at Leyte SMED Center, Capitol Site, Tacloban City.

Atty. Leonides B. Sumbi, Acting Deputy Director, informed that the undertaking is in support of the Bangko Sentral ng Pilipinas’ National Coin Recirculation Program.

The said activity is specifically aimed at collecting feedback from the public and other stakeholders to address the various issues and concerns on the non-circulation of certain coin denominations resulting in their unavailability or “shortage,” Atty. Sumbi added.

Atty. Sumbi disclosed that the Bangko Sentral has implemented programs and projects to promote the continued use of Philippine coins.

Recent data showed that the Philippines have the highest per capita number of coins in Southeast Asia with 75 pieces to 100 pieces of coins per Filipino.

However, Atty. Sumbi noted that shortage of coins has been a common complaint including in Region 8.

The Bangko Sentral ng Pilipinas (BSP) has urged the public to use coins, especially those kept in piggy banks, to address the artificial coin shortage in some parts of the country.

An artificial coin shortage is being felt in the country despite the fact that the central bank has minted 15.6 billion pieces of P10, P5, P1, 25-centavo, 10-centavo, five-centavo, and one-centavo coins worth P16.9 billion.