BSP intensifies coin recirculation Print
Sunday, 05 November 2017 17:03

The Bangko Sentral ng Pilipinas (BSP) Zamboanga City branch is now going to public places in line with a more aggressive campaign on coin recirculation.

Hermogenes Buenaflor Jr., Bank Officer BSP Zamboanga, said that the program started  last October 26 and is still ongoing until the present time.

The program now involves going to public places and exchanging old coins into New Generation Currency or paper bills.

Last October 26, the BSP collected some 500,000 pieces of coins amounting to P30,000 from a school and a church. The BSP team collected 25 centavos, 10 centavos, 5 centavos, and 1 centavo coins.

The office will segregate the money by denomination, segregate from fit to unfit, and exchange the coins into bills which may take days depending on how many coins they bring in.

“Yung tinatamad magdala ng coins ito na yung pagkakataon para i-collect namin yung coins ninyo,” Buenaflor said.

At present, he said that the coins might be stored in the piggy banks, drawers, vending machines, amusement centers where coins are exchanged for tokens.

The collected coins will be recirculated by the BSP by looking for those who needs coins such as supermarkets, pharmacies and other retail establishments.

He said that they can also group together and collect all their coins as one and  inform the BSP at 991-2151 so the office can pick-up the coins.

Buenaflor explained that if these coins are not circulated properly BSP will have to produce more coins which can be more costly.

To produce 1 centavo coin, the BSP spends P0.9434, for 5 centavos coin, the BSP spends P0.4798, 10 centavos coin, the BSP spends P0.4782, for 25 centavo coin, the BSP spends P0.7419, for P1 the BSP spends P1.1825, for P5 the office spends P3.4663, and P10 the office spends P4.4128.

“Andiyan yung coins ang problema paano mag circulate. It’s time to recirculate the coins sayang in terms of production cost lugi ang BSP mahal yung production cost sa denomination sayang yung pera ng gobyerno,” the BSP bank officer said. (RGAAGo)