The Bangko Sentral ng Pilipinas (BSP) is asking the public not to keep coins in the piggy banks for long periods of time to avoid coin shortage.
Remedios Ilagan, senior currency specialist of BSP said saved coins should be back in circulation ideally after two months of keeping it.
“Para po iyong ginastos ng BSP sa paggawa ng barya ay masulit naman para po hindi po tayo nagkakaroon ng shortage, minsan akala natin e kulang ang barya na mini-made ng BSP,” she said.
The cost of manufacturing a coin is more expensive than its face value.
In a forum with local government information officers yesterday, Ilagan asked them to help disseminate information on the importance of having coins circulated in the market.
Valueless coins
The BSP also clarified that all mutilated coins no longer have value.
“I would like the public to know that all coins with filing, with clipping, with perforation are of no value,” said Ilagan.
She encouraged the public whenever they have mutilated coins to have it exchanged in BSP branches immediately.
She said the bank is planning to introduce new generation coins in the next few years.
DEMONETIZATION
Also yesterday, the BSP reminded the public to slowly exchange their paper bills with the new generation currency.
Ilagan said starting January 1, 2017, all old bank notes will no longer have value.
The BSP’s reason of demonetizing old bank notes is for security reasons as they observed that the circulation of counterfeit bills is alarming.