THE Bangko Sentral ng Pilipinas (BSP) confirmed Tuesday there is shortage of coins in Cagayan de Oro since few months ago.
Elvis Flores, assistant manager of BSP in Cagayan de Oro, said there is shortage on P10 coins including 50, 25 and 10 cents.
“These have not been circulated and have not reached the BSP so we conducted a coin re-circulation program last July and invited representatives from different sectors in the city to really identify where the loose change go,” Flores said.
He said they used to have monthly shipment of coins from Manila but was minimized due to the shortage of raw materials that are used in making coins.
Earlier, consumers complained of receiving candies as change instead of coins. But mall owners said they are short on loose change that’s why they give candies as alternative for 25 or five-centavo coins.
Flores said in July, P1 coins have started to arrive at the BSP office while P5 coins are expected to arrive this month.
“We used to have a shortage on all coins since some people already kept them in jars and piggy banks while some ‘melted’ them to make jewelry or use as bolt and nut washer. They do this because they don’t know the importance of coins,” Flores said.
With this, he called on the people to re-circulate the coins to normalize the “flow of loose change.”
Meanwhile, the City Council Committee on Trade and Commerce chaired by Councilor Juan Sia on Tuesday passed a resolution urging the residents of the city to help in the re-circulation of coins to prevent more shortage.
A resolution was also passed by the City Council Committee on Rules and Laws informing all business establishments in the city to give the exact coin due to customers as loose change for any purchase.
Under Republic Act 7394 or the Consumer Act of the Philippines, it is not stipulated that giving of candies as substitute for loose change is a violation though the City Council said it is the duty of the establishment to courteously inform their consumers.