Bangko Sentral ng Pilipinas (BSP) pleads for a wiser coin circulation to help the Phil. Economy

When In Manila where do you keep your money or coins in particular? In a piggy bank, change purse or have you got random coins just lying around? Piggy banks served as a good place for us to keep our money safe.  Also, it was something that most of us have from our good old childhood memories. To some, they still adhere to this classic habit ’til now. Remember when your parents tell you, “Save for a rainy day” and that was attached to your piggy bank.  From then on it became imbedded in your beliefs. I myself even had difficulty figuring out what they defined as a ‘rainy day’ before then.  I may not be a coin collector per se but who would have thought that this old-age practice of us Filipinos to literally save can have a huge impact on our economy? 

 

 

 

 

 

Are you one of those who unconsciously do not use these coins for your daily spending needs? Let me guess, it’s either you find them bulky or sometimes they are just simply pocket-annoyers? Some find it amusing to drop it into their piggy banks or coin jars. Little dis we know that this innocent practice actually creates an artificial shortage of coins. 

 

Bangko Sentral ng Pilipinas (BSP)  Deputy Governor Diwa Gunigundo has announced that our country is now experiencing a shortage of coins. Why? Not because of a lack of supply, but because individuals and several institutions would rather set them aside than spend them on a regular basis. “Coin circulation is now suffering,”  Gunigundo states. 

 

“Nananawagan tayo sa mga may alkansya dyan, sa mga may barya sa drawer, sa mga garapon.. na ilabas na po natin ang ating mga barya. Ang problema kasi natin ay hindi ‘yung dami ng barya, kundi ‘yun sirkulasyon. Walang pagkakataon na mapaikot ang mga barya,” he added. 

 

This is an artificial shortage in which it forces the central bank to plug the gap, which means additional costs.  The problem of circulating the Philippine currency has long been a concern of the Bangko Sentral ng Pilipinas (BSP) I believe.  Do you know that it costs Php2.00 to make a single coin? If there’s no call for this, the Philippine government would of course can allot this money with other beneficial projects.

 

Though the BSP said there is absolutely nothing wrong with teaching and inspiring our children the value of saving through coin jars and piggybanks, they are but seeking for our cooperation to help the economy in our own little ways. They also wish for the public to know that each and every coin is accounted for, and that no matter how small the amount is, each coin will always serve a purpose in the economy. 

 

When In Manila do not just leave those coins at home only to gather dust, in most cases, turn to be forever forgotten. Time to help the economy once again folks! Remember that it’s for our own good too!