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PIA Press Release

BSP 2 urges public to recirculate coins

Tuguegarao City (March 23) -- The Regional Office of the Bangko Sentral ng Pilipinas (BSP) has echoed the call of the BSP officer-in-charge Diwa Guinigundo to use coins to address the artificial coin shortage in the region stressing that keeping coins at home is the foremost cause of the shortage.

BSP Acting Deputy Director Ricardo M. Cogay in an interview with Bombo Radyo Tuguegarao said that the central bank has issued billions of coins with different denominations ranging from P10 to one- centavo so there is no reason for coin shortage.

Cogay has appealed to people who usually keep their coins in their homes, particularly in piggy banks as well as churches and charitable institutions and other business establishments to use their coins to avoid shortage.

The BSP director said the government is spending millions for the manufacturing of coins so there is a need for the public to cooperate by recirculating coins.

The BSP, through its Mint Refinery and Operations Department is spending several millions of pesos to mint fresh supply of coins. It also takes about half a year to mint new coins", the director stressed.

"We will be able to save several millions by recirculating the existing supply of coins," Cogay added.

Meanwhile, the BSP 2 will be conducting a consultation dialogue on March 25, 2010, 1:30 in the afternoon to be held at the BSP Regional Government Center, Carig Sur, Tuguegarao City.

The consultation dialogue will tackle mattes pertaining to coin recirculation and a lecture on Currency Familiarization and Counterfeit Detection.

Participants to the dialogue are expected to give comments and suggestions which be valuable in the continuing efforts of the BSP to further enhance the advocacies on monetary and financial services and policies. (PIA 2) [top]

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