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Manila Bulletin devider Business devider BSP to put coin-counting machines in groceries

BSP to put coin-counting machines in groceries

Published Jul 16, 2019 12:00 am
By Lee C. Chipongian Bangko Sentral ng Pilipinas (BSP) may start installing coin-counting machines in groceries as part of its coin recirculation program to encourage coin usage instead of hoarding these coins and eventually forgotten in homes. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno. (Bloomberg) Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno. (Bloomberg) BSP Governor Benjamin E. Diokno said he has ordered a survey of coin-counting machines and a list of grocery chains that could be tapped as testing grounds that will provide coin-counting services. Diokno said there are too many unused coins tucked away in homes that he thought of putting up coin-counting services in big stores and groceries. He also wants increased usage of the lower denominated coins which tended to be taken for granted. “So, the next time (you go to a) grocery, bring your coins,” he said, adding that this endeavor should improve the BSP’s coin recirculation program. The survey for the right type of coin-counting machines are still ongoing. Diokno also noted that the Philippines has a lot of coin denominations compared to other countries and it should be utilized as intended. These coins are also expensive to make since Philippine coins are not made locally. The central bank imports coin blanks from Europe such as Germany and Italy. The coin designs are also secured with micro-printed details that use laser-engraving technology such as for the 10-piso and 5-piso coins. The BSP issues six coin denominations: 10-piso, 5-piso, 1-piso, 25-sentimo, 5-sentimo and the 1-sentimo. The BSP ensures supply of these coin denominations are sufficient and avoid a repeat of the coin depletion of 2010. Since then, the BSP is minting enough coins to ensure a fully-stocked inventory. An artificial shortage of coins may occur because of the common practice by people of keeping coins idle in bank vaults, drawers, piggy banks, and not re-circulating them. As of end-March, there are 31.8 billion pieces of coins in circulation, valued at P39.5 billion, of which 54 percent are 1-sentimo, 5-sentimo, and 25-sentimo coins. The BSP said the number of coins in circulation is a ratio of 298 pieces per person. The BSP ensures supply of these coin denominations are sufficient and avoid a repeat of the coin depletion of 2010. Since then, the BSP is minting enough coins to ensure a fully-stocked inventory.
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