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PIA Press Release

BSP distributes P1.00 coins

New design peso bill expected to arrive December 2010

By Jocelyn P. Alvarez

Zamboanga City (8 September) -- Amidst controversy that the country is running out of coins specifically the one peso (P1.00) denomination, Bangko Sentral-Zamboanga Acting Deputy Director Melodino S. Patiņo revealed the arrival of one million pieces of one peso coins which is also equivalent to one million pesos.

He said BSP has started distributing the coins to banks last Tuesday since its shipment here few days ago. "We have started distributing the coins to our banks here in the city. We also serve requests for coins of other banks in the entire region," he was quoted as saying.

Patiņo also disclose that BSP-Zamboanga is expecting the arrival of new Philippine peso bill (notes) sometime in December of this year.

It can be recalled; Monetary Board Member Juanita Amatong recently announced that BSP will be issuing new currency notes starting next year. She said the currencies will have new designs for all bills to include coins.

Meanwhile, Patiņo explained "BSP is the bank of all banks". "We cater most specially to banks. They are our clients. Banks do their deposits and withdrawals with BSP?" he clarified this in favor of those who are not familiar with the nature of BSP?s services.

He said BSP also buys gold from miners and individuals. "Gold is priced at P1,500 to P1700 per gram" Patiņo said. (JPAlvarez) [top]

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