MANILA, Philippines — With the significant cost incurred by the Bangko Sentral ng Pilipinas (BSP) in coin production, a Quezon City councilor has filed a resolution asking the city’s consumers and business entrepreneurs to support the BSP’s coin circulation program.

In resolution PR 2011-126, third district Councilor Allan Benedict Reyes quoted the BSP as saying that the coins are not being efficiently circulated in the country.

Under the circumstance, the BSP said producing coins would translate into a sizeable expense, stressing that the intrinsic value of the coin is more expensive than its nominal value especially for lower-denominated coins like the one-, five- and 10-centavo coins.

Reyes said the public can spare the government unnecessary expenses if business enterprises and the consumers keep the coins in circulation.

For consumers, Reyes said they can pay using the coins in their purchase of grocery items, payment of gasoline for their vehicles and other business transactions.

For business firms, Reyes said they should diligently and lawfully take every possible step to collect the coins and to ensure that the customers are given the rightful amount of change up to the last centavo.

In March 2005 the BSP created the Currency Management Committee (CuMC) to address the problem on circulation issues of the Philippine currency.

Then BSP Deputy Governor and now Governor Armando Tetangco Jr., the first CuMC chairman, stressed that the creation of the committee has become necessary.

He said the shortage of coins in some regions shows that the coins are not being re-circulated effectively and the need for the BSP to re-produce coins of varying denomination.

For these reasons and to allow the government to spend for more noteworthy projects and programs, Reyes appealed to the public to open up their piggy banks, search for coins and use them for business transactions.