Tuesday, July 24, 2007 BSP official warns of coin shortage By Carlo P. Mallo
BANGKO Sentral ng Pilipinas Governor Amando Tetangco Jr. appealed for public's cooperation to maintain the circulation of the coin currencies of the country, lest a looming coin shortage might ensue.
Most establishments no longer accept the P5-, P10-, and P25- centavo coins.
"It is very costly to mint these coins, more than their face value," Tetangco said, adding that these are legal tender and should be accepted.
"It is legitimate money," he added.
"The average number of coins that we have is three times more than what our regional neighbors have," Tetangco said. "And yet we are suffering from coin shortage."
Other Asian countries have an average of 50 coins per person, while the country has an average of 150 coins per person.
With the looming coin shortage, Tetangco has launched the National Coin Re-Circulation Program. The program aims to promote the use of coins as legal tender, despite its diminutive value.
Most Filipinos no longer use the smaller denominations of the currency as legal tender, but instead use them as accessories. In some cases, some establishments do not accept the aforementioned denominations.
