CAGAYAN DE ORO CITY: There is no piggybank coins shortage in the country, the Bangko Sentral ng Pilipinas (BSP) said, according to a latest PIA report.
The BSP said in the report that around 21.86 billion pieces of coins were released as of August 31, this year. In 2013, it was 20.08 billion pieces circulating in the first half of the year.
The BSP has put the number of coins consisting of one centavo, five centavos, 10 centavos, 25 centavos, one peso, five pesos, and 10 pesos—with a total value of P22.77 billion.
The current 5- and 10-sentimo coins are composed of copper-plated steel, the 25-sentimo is composed of brass-plated steel, the one piso is composed of nickel-plated steel, the 5-piso is composed of copper-nickel-zinc, and the 10-piso has an outer ring composed of copper-nickel accompanied by an aluminum-bronze center.
The problem now is not on supply but on circulation of coins, clarified BSP senior research specialist Dexter Erick Demafeliz because people have the habit of keeping coins in wallets, drawers, and piggy banks instead of using them for payment.
But the BSP reported as true that there is an increased demand for one peso coins due to the popularity of coin games.
The BSP blames part for the circulation problem the use of coins in machines like the videoke or video karera and the automated tubig machine as the main reason for the creation of tokens. No explanation was offered regarding why this is so.
Demafeliz said they are solving the perceived shortage through re-circulation of coins by users which will put out idle coins in storage, promote its importance and correct its wrongful sales practices. (MICHAEL MEDINA)
The BSP said in the report that around 21.86 billion pieces of coins were released as of August 31, this year. In 2013, it was 20.08 billion pieces circulating in the first half of the year.
The BSP has put the number of coins consisting of one centavo, five centavos, 10 centavos, 25 centavos, one peso, five pesos, and 10 pesos—with a total value of P22.77 billion.
The current 5- and 10-sentimo coins are composed of copper-plated steel, the 25-sentimo is composed of brass-plated steel, the one piso is composed of nickel-plated steel, the 5-piso is composed of copper-nickel-zinc, and the 10-piso has an outer ring composed of copper-nickel accompanied by an aluminum-bronze center.
The problem now is not on supply but on circulation of coins, clarified BSP senior research specialist Dexter Erick Demafeliz because people have the habit of keeping coins in wallets, drawers, and piggy banks instead of using them for payment.
But the BSP reported as true that there is an increased demand for one peso coins due to the popularity of coin games.
The BSP blames part for the circulation problem the use of coins in machines like the videoke or video karera and the automated tubig machine as the main reason for the creation of tokens. No explanation was offered regarding why this is so.
Demafeliz said they are solving the perceived shortage through re-circulation of coins by users which will put out idle coins in storage, promote its importance and correct its wrongful sales practices. (MICHAEL MEDINA)