BSP warns public against melting, damaging Philippine coins

The Bangko Sentral ng Pilipinas (BSP) warned the public Wednesday against melting and damaging Philippine coins, as violators may face imprisonment of up to five years and fines up to P20,000.

In an advisory, the central bank reminded the public that willfully defacing, mutilating, tearing, burning, or destroying Philippine currency — including commemorative coins — are unlawful under Presidential Decree 247.

“Binibigyang-diin ng BSP na nararapat gamitin ang mga barya bilang pambayad sa pang-araw-araw na transaksyon. Samantala, ang mga commemorative coin ay para gunitain ang mga mahahalagang kaganapan, lugar, at makabuluhang tao sa kasaysayan ng Pilipinas,” it said in an advisory.

(The BSP emphasizes that coins are intended for use as payment in everyday transactions. Meanwhile, commemorative coins are issued by the BSP to highlight significant events in Philippine history, landmarks, and legacies of esteemed Filipinos.)

The central bank last month launched the “Philippines Festival” Commemorative Coin Series, with a coin to be issued for every month. The first was the Sinulog coin in January, and the Tan-ok ni Ilocano Festival coin in February. — RSJ, GMA Integrated News