Farinas to BSP: produce more coins
Posted on | Sunday, 3 April 2011 | No Comments
by Aileen Refuerzo
BAGUIO CITY, April 3 -- The Bangko Sentral ng Pilipinas (BSP) should increase the circulation of 25-centavo and P1 coins to address the need of these coins by transport groups and other sectors for their businesses.
Vice Mayor Daniel Farinas sought this in a proposed resolution last week.
“There is a shortage of 25-centavo and P1 coins because of public hoarding as well as the traditional habit of children to save coins in their piggy banks. Amusement parks as well as vending machines and drawers are strong accumulator of coins considering that their businesses primarily deal with coins for operation,” Farinas noted.
He said these practices result to the dearth of coins in the market which affects the transport groups and the riding public as coins are needed to pay for fares and exact change.
“It is the clamor of most jeepney drivers within the city of Baguio that coins be aptly supplied in circulation so as they would be able to give the exact change to their passengers,” he said.
The BSP is in charge of reproducing and circulating the Philippine money including notes, coins and other legal tender.
Farinas’ proposal will be discussed in the city council soon. (AR, Baguio City PIO//PIA CAR)
BAGUIO CITY, April 3 -- The Bangko Sentral ng Pilipinas (BSP) should increase the circulation of 25-centavo and P1 coins to address the need of these coins by transport groups and other sectors for their businesses.
Vice Mayor Daniel Farinas sought this in a proposed resolution last week.
“There is a shortage of 25-centavo and P1 coins because of public hoarding as well as the traditional habit of children to save coins in their piggy banks. Amusement parks as well as vending machines and drawers are strong accumulator of coins considering that their businesses primarily deal with coins for operation,” Farinas noted.
He said these practices result to the dearth of coins in the market which affects the transport groups and the riding public as coins are needed to pay for fares and exact change.
“It is the clamor of most jeepney drivers within the city of Baguio that coins be aptly supplied in circulation so as they would be able to give the exact change to their passengers,” he said.
The BSP is in charge of reproducing and circulating the Philippine money including notes, coins and other legal tender.
Farinas’ proposal will be discussed in the city council soon. (AR, Baguio City PIO//PIA CAR)
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Baguio City
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