BSP warns vs coin buying, smuggling syndicates

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) warned the public over the weekend not to fall for syndicates involved in buying and smuggling coins. The BSP made the warning after receiving information on the activities of such gangs. In a statement on its website the BSP said there are persons claiming the BSP is buying back certain coins denominations. "(We warn) the public against persons claiming that the central bank 'buys' certain coin denominations higher than their face value. There is no truth to this information," it said. BSP also asked the public to report persons involved in defacing, mutilating or smuggling Philippine coins - all of these activities are punishable under Presidential Decree 247 and BSP Circular 98. Also, it stressed it is the sole issuer of currency in the Philippines. "(The BSP) mints and circulates coins in accordance with its mandate to supply the currency requirements of the banking system and sustain economic growth. It determines the different denominations of our money, both banknotes and coins, and the public should accept them at face value, no more, no less," it said. The BSP also gave its contact numbers for the public to report such activities. These include: * Cash Department, QC Investigation Division - (02)926-5092 * Angeles City: Rizal Samia - (045)-323-4101 * Batac City: Robinson Dagdagan - (077)-792-2103 * Cabanatuan City: Percival Zabala - (044)-463-1736 * Dagupan City: Virgilio Tiongson - (075)-614-3027 * San Fernando, La Union: Primo Quetulio - (072)-888-2083 * Tuguegarao City: Ricardo Cogay - (078)-844-4755 * Lucena City: Rogel Joseph Del Rosario - (042)-373-7323 * Naga City: Danilo Calumag - (054)-473-9895 * Legazpi City: Marlyn Paje - (052)-480-5519 * Bacolod City: Renato Katipunan - (034)-434-7755 * Iloilo City: Job Nepomuceno - (033)-335-1180 * Kalibo, Aklan: Leonora Templonuevo - (036)-262-7030 * Cebu City: Lorenzo Zafico - (032)-254-0973 * Dumaguete City: Paulita Enrile - (035)-225-3464 * Tacloban City: Romulo Añover - (053)-325-9121 * Davao City: Cesar Balan - (082)-227-9051 * Cagayan de Oro City: Agustin Lacbayo - (088)-857-1554 * Cotabato City: Perry Dequita - (064)-421-7370 * General Santos City: Sonia De Los Reyes - (083)-552-1903 * Ozamiz City: Ruben Badon - (088)-521-0979 * Zamboanga City: Demetrion Casipong - (062)-991-2151 Earlier this year, government agents seized in Manila's Port Area a container van loaded with 17.9 metric tons of 1-peso coins bound for Pusan, South Korea. NBI deputy director for intelligence services Ruel Lasala said the raid stemmed from an informant’s tip. He said the coins were worth P30 million. Lasala said that while the value of the one-peso coin has diminished in the Philippines, the coins appear valuable elsewhere because of the copper and nickel content. - GMANews.TV