Increase coin transactions, BSP urges
Bangko Sentral ng Pilipinas

Increase coin transactions, BSP urges

Jul 26, 2023, 7:06 AM
Paolo Mendez

Paolo Mendez


Bangko Sentral ng Pilipinas is now taking an extra step ahead in their promotion of the use of coin denominations in rendering financial obligations.

In fact, BSP has increased the legal tender limit in a single transaction for Philippine Coins, in compliance with BSP Circular 1162 series of 2022.

The purpose of increasing the legal tender limit is to further exhibit the circulation of Philippine coins. Thus, the payor can use up to P2,000 coins comprising P20, P10, P5, P1 coin denomination from P1,000 and up to P200 coins with 25 cents, 10 cents, 5 cents, and 1 cents from P100.

On the other hand, BSP further wrote on their social media, "Maaaring gamitin at tanggapin ang mga barya sa halagang mas mataas sa itinakdang limitasyon ng circular kapag ito ay napagkasunduan ng kapwa binayaran at nagbabayad."

Having that in mind, BSP initiatives on the promotion of coin recirculation is a game changer in the country's financial system.

Following the success of Coin Deposit Machine (CoDM), BSP has also covered more malls. "The Coin Deposit Machine is a game changer in the BSP's recirculation program as it encourages everybody to either exchange coins for shopping vouchers or have the value of these coins credited to their e-wallets"- from the statement of Bernadette Romulo- Puyat, BSP Deputy Governor during the launching of CoDM at SM Mall of Asia and Robinson's Place Manila.

These CoDMs' is also now available in SM Malls in North EDSA, Fairview, Bicutan, Bacoor and San Lazaro.

#BSP #Coins #CoDM #BangkoSentral #OpinYon

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