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Bacolod City, PhilippinesMonday, August 15, 2011
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BSP assures public:
Coin supply adequate

 The Bangko Sentral ng Pilipinas has assured that there is enough supply of coins in the country, a government press release said.

Regional Monetary Affairs Sub-Sector Deputy Director Ruben Banog said that the problem is not supply of coins but rather coin circulation.

Banog said that they have been intensifying their campaign for the public to help in the efficient recirculation of coins.

He pointed out that the BSP has launched the coin recirculation program primarily to flush out coins in storage and bring about behavior change to the public.

As of December 2010, there are about 16.3 billion pieces of coins in circulation in the country amounting to P18.2 billion which is more than enough if properly and efficiently circulated, he said.

Banog appealed to the public to make it a habit of using and accepting coins as legal tender because the same have value and the government is spending for its production.

He said there is a perceived shortage of coins in some regions in the country which is an indication that the coins are not being re-circulated effectively especially for the lower-denominated coins, the 25, 10, 5 and 1-sentimo.

Banog revealed that to help in the efficient coin recirculation campaign through “Ang Barya, Mahalaga” theme, a memorandum of agreement was earlier signed by different public and private groups such as Department of Education, banking and retail sectors, and media groups, among others.

He also urged the public to help in their Tulong Barya para sa Eskwela drive, which is a nationwide coin collection and fund-raising campaign for the benefit of public elementary schools, the press release said.*

 

 

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