Spend, trade coins in piggy banks, BSP asks Pinoys amid 'shortage'

The Bangko Sentral ng Pilipinas (BSP) is appealing for Filipinos to spend the coins in their piggy banks amid a perceived coin shortage, BSP Deputy Governor Diwa Gunigundo said Monday. In an interview on GMA News’ “Unang Hirit," Gunigundo urged Filipinos to use coins more frequently in paying for goods and services to help disperse the coins, the circulation of which is hampered by the practice of saving in piggy banks. He also urged Filipinos to trade their coins for paper bills in commercial banks, thrift banks, and rural banks, among other establishments. Gunigundo explained that the perceived shortage is not a problem of supply but of circulation. “Hindi sapat ‘yung umiikot sa ating ekonomiya," he said in his interview with GMA News anchor Arnold Clavio.
For the latest Philippine news stories and videos, visit GMANews.TV In fact, Gunigundo said the financial system in theory has enough coins for each Filipino to possess 198 pieces of these based on a population of 94 million. More or less 17 billion coins, worth P18 billion, are supposed to be circulating in the system, Gunigundo said. The better circulation of coins will augur well for the economy, Gunigundo noted. “Kung ito ay iikot, mas makatitipid sa pagmi-mint ang Bangko Sentral. Marami ang natitipid ng Bangko Sentral kung ito ay umiikot, at kung makatitipid kami, mas marami ang aming maibibigay sa gobyerno bilang dibidendo," said Gunigundo The BSP said Filipinos can trade their coins for paper bills in commercial banks, thrift banks, and rural banks, among other establishments, to help in the circulation of coins. — PE/VS, GMA News