The Bangko Sentral ng Pilipinas said Tuesday it increased the legal tender limit on coins per transaction to further promote their use in payments.
BSP Circular No. 1162, Series of 2022, states that 1-, 5-, 10- and 20-piso coins should be accepted as payment or change for amounts not exceeding P2,000; and 1-, 5-, 10- and 25-sentimo coins for amounts not exceeding P200 per transaction.
These are increases from the previous limits of P1,000 and P100, respectively.
“The coins may be used and accepted in amounts higher than the legal tender limits stipulated by the circular, provided that both payer and payee mutually agree to transact using quantities of coins above said limits,” the BSP said.
The BSP encourages the public to use and accept coins in cash transactions to promote the efficient recirculation of coins in the country.
All denominations of the BSP Coin Series and the New Generation Currency Coin Series are legal tender and should be accepted as payment for goods and services, it said. These include the 1-, 5-, 10- and 25-sentimo coins and the 1-, 5-, 10- and 20-piso coins.