Issue of November 12, 2017
     
NEWS
Benguet
Kalinga
Mt. Province
 
OPINION
 

2017
Panagbenga Flower Festival
 
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Coins exchange desk to open
by Rimaliza A. Opiña

Time to break those coin banks and have your loose change exchanged at the Bangko Sentral ng Pilipinas.

The BSP La Union regional office will open a coin exchange counter at its Baguio gold buying station at the RCBC building, Session Road.

From Nov. 14 until Dec. 22, idle coins may be exchanged. The program is the BSP’s way of recirculating coins.

The coin exchange counter is open every Tuesday, Wednesday, and Friday from 2 to 4 p.m.

The coins to be exchanged must be free of adhesive tape and segregated per denomination.

Since 2005, the BSP created a Currency Management Committee to address problems arising from the circulation of Philippine currency.

The committee was created to address the perceived shortage of coins in some regions of the country; to address indications that coins are not being recirculated effectively; and the need for the BSP to produce more coins which would translate into significant costs because coin production entails negative seigniorage, or the intrinsic value of the coin is greater than its nominal value especially for the lower-denominated coins.

Meanwhile, the BSP established a new deadline for the exchange of the new design series banknotes to the new generation currency banknotes. The extension is in response to public clamor.

The exchange shall be accommodated without charge at the BSP Cash Departments in Manila and Quezon City branches.

The BSP will replace for a maximum amount of P100,000 per transaction. Exchange of larger amounts may be allowed but payable only by check or direct credit to a bank account.


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