The general public is encouraged to keep using their coins as cash payment for goods and services.
The Bangko Sentral ng Pilipinas (BSP) reminded the general public that coins that are currently in use should be accepted as cash payments or change.
All coins in the BSP Coin Series and the New Generation Currency Coin Series which includes the 1-, 5-, 10-, and 25-Sentimo and the 1-, 5-, 10-, and 20-Piso, are legal tenders and accepted as payment for goods and services.
Based on the BSP Circular No. 537, Series of 2006, 1-, 5- and 10-Piso coins can be used as payment for amounts not exceeding P1,000 while the 25-sentimo coins and those of lower denominations for amounts should not exceed P100.
BSP is currently updating the circular on the legal tender limit for the 20-Piso coin. Despite this, the public may still use the 20-Piso coin or banknote for payment transactions.
This advisory is consistent with the BSP's broader initiatives to encourage effective coin recirculation. The use of coins as a medium of trade is hampered by their inefficient circulation, which can also create fictitious coin shortages in some areas.
Efficient coin circulation results in lower production costs as a result of the minting of fewer coins.
The public is encouraged to keep using their currencies in purchasing goods and services.
Tags: #BSP, #Public, #Coins