ZAMBOANGA CITY (Darwin Wee / 27 Sept) In an effort to put back coins kept by many people into circulation, the Bangko Sentral ng Pilipinas (BSP) has formally launched Wednesday the National Coin Recirculation Program.
Arnel Adrain C. Salva, BSP's acting manager on advocacy unit, said the campaign aims to encourage the public to deposit or use their coins instead of just keeping them at homes.
"Our common interest here is to increase public awareness on the importance of coins and the need to keep them circulating," he told the Mindanao Examiner.
Mr. Salva said the program is expected to run until December 31.
Ruben S. Badon, the acting deputy director of the local BSP branch, said the BSP would incur loses if it frequently produces and issues new coins.He said producing one coin costs much more than its face value.
"The government is spending large amount of money to produce new coins, which are just being neglected by many people, especially those with low denominations."
Mr. Badon said commercial banks have been instructed to urge their clients to deposit their coins, instead of keeping it at home. There are 11.1 billion coins currently circulating in the country.