BSP urges public to use coins for payment

The Bangko Sentral ng Pilipinas (BSP) on Wednesday reminded the public that coins that are currently in circulation should be accepted as payment or change in cash transactions.
 
The BSP said its advisory is in line with the central bank’s “broader efforts to promote the efficient recirculation of coins.”

“Inefficient circulation of coins hampers the use of coins as a medium of exchange and may also cause artificial coin shortages in specific locations,” it said.
 
The BSP said that efficient coin circulation results in lower production costs due to the minting of fewer coins.
 
The central bank said that all coin denominations-P1, P5, P10, P20, and 25-centavo of the BSP Coin Series and the New Generation Currency Coin Series “are legal tender and can be used as payment for goods and services.”
 
Under BSP Circular No. 537, Series of 2006, P1, P5, and P10 coins can be used as payment for amounts not exceeding P1,000, while the 25-centavo coins and lower denominations can be used for payments not exceeding P100.

The BSP said it is currently updating the circular on the legal tender limit for the P20 coin. 
 
“Meanwhile, the public may also use the P20 coin or banknote for payment transactions,” it said.
 
“The BSP encourages the public to continue using their coins as payment for goods and services.” — VBL, GMA News