CLARK FREEPORT -- An official of the Banko Sentral ng Pilipinas (BSP) has cited the effect of coin hoarding to the economy.
Rosario Layug-Rafael, BSP deputy director for Central Luzon, collecting of coins including “piggy banks” or alkansya result to artificial shortage of the currency.
During a recent media forum at the Widus Hotel and Casino hosted by the Pampanga Press Club, Rafael discouraged the saving of coins saying it will not flow back to the economy.
“Talagang may disadvantages iyan kasi hindi siya magpo-flow back sa economy,” Rafael said.
The BSP official said that it is more expensive to print peso bills than to mint coins.
“Masama y’on kasi it is very expensive to mint coins. More expensive than to print notes. Ang take natin ngayon, once we issued the coins hindi na siya bumabalik,” Rafael said.
She cited Republic Act Number 10909 dated July 21, 2016 which prohibits business establishments from giving insufficient or no change to consumers.
“Mayroon kasi tayong inilabas na batas na no short changing act, yung bawal magbigay ng candy panukli sa mga bumibiling consumers,” Rafael said.
She urged to release and spend their coins. “Ilabas niyo na kasi mamaya kapag nag-announce ng demonitization biglang sasabay sabay iyan. Mag uusap tayo ngayon just like sa mga notes, ang tagal ng panahon.”
Former Senator Serge Osmeña in December 2014 filed a bill to prevent coin hoarding.
But he clarified that piggy banks and legitimate businesses are exempted.
“People who save their coins and place them in piggy banks or alkansya will not be jailed because the volume is so small,” he said.