The Bangko Sentral ng Pilipinas (BSP) in Dumaguete City, Negros Oriental on Monday held a two-day coin recirculation activity at the City Hall.
Dr. Greg Baccay, the Economic and Financial Learning Center manager of the BSP here, explained in an interview that this is the start of a series of activities where they will receive Philippine coins of different denominations and exchange them with bills or commemorative coins.
This is part of the Bangko Sentral’s effort to retrieve coins from the public in view of an artificial shortage of coins here due to varied reasons, such as the coins being stored in piggy banks or even used for “Piso Net” computers and vending/dispensing machines, among others.
In Dumaguete City, the BSP’s Coin Recirculation Program is called “Bansili”, said Baccay.
“Bansili” translates in the dialect as “to exchange.”
The Bangko Sentral has reiterated that it is more expensive for government to mint coins thus the need to encourage the public to recirculate these coins.
As of today, Dr. Baccay said there are around 23 billion pieces of coins in circulation, but not all of them are re-circulated.
The public is encouraged to bring their coins, especially the lower denomination, to the City Hall, where the Bangko Sentral has put up a desk with a coin counting machine.
Dr. Baccay assured that people do not have to worry if their coins are not properly sorted/segregated according to denomination because BSP personnel will do it for them.
However, the BSP official also announced that there are coins that may no longer be of value because of certain defects or mutilations, such as those with corrosions, or holes perhaps caused by nails or sharp objects, among others.
Because these no longer have value, the Bangko Sentral will “confiscate” them and forward these to Manila for verification, according to Baccay.
He suggested that the people first clean what may be unfit, defaced or discolored coins with baking soda and water or soap and water prior to bringing them to the Bangko Sentral “Bansili” center.
Dr. Baccay explained that they have to keep the mutilated and valueless coins because they fear that if these are returned to the owners, they might be re-circulated.
After City Hall, the BSP here will conduct similar “Bansili” activities at different establishments and even schools so the public will have a chance to turn in their coins and exchange them with bills.
Afterward, it is the respective establishments that would continue with the coin recirculation program, Baccay disclosed.
He also announced that they will be visiting other towns and cities in Negros Oriental for the same purpose in the near future.
The public can also go to the Bangko Sentral Office in Dumaguete and have their coins exchanged for bills, he added.
Meanwhile, Dr. Baccay explained the one sentimo (centavo) is still in circulation, even though it is not being widely used as opposed to other lower denominations such as five, ten, and 25 centavos and the one piso coins.
The law states that the least denomination in the country is one sentimo and therefore, this cannot be put out of circulation, he said, although there are limited number of one sentimo coins, he further explained.
Dr. Baccay appealed to the people for the proper use of coins, and not use them for “hantak” (a game of head or tails/toss coin) or “taksi” (a traditional came of knocking the coins out of a square).
He lamented that some of the one piso coins that were brought to the “Bansili” activity on Monday were warped and are no longer of value, most probably because they were used in “taksi” or “hantak”. (Judy Flores Partlow/PNA)
