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Friday, March 29, 2024

BSP retires 519.93 tons of unfit coins

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The Bangko Sentral ng Pilipinas said Wednesday it retired 519.93 metric tons of unfit, demonetized, mutilated and counterfeit coins through defacement to maintain the integrity of Philippine currency.

The BSP said in a statement the defacement process was undertaken from October 2021 to September 2022.

“Coin defacement, done via machine, involves a process that alters the surfaces of coins to prevent them from being recirculated. The defaced coins may then be recycled into different items based on their metallic content,” the BSP said.

It said of the total coins defaced, 70 percent or 364 MT were unfit coins, 25 percent or 128 MT were mutilated, 4 percent or 21 MT were counterfeit and one percent or 7 MT were demonetized.

The BSP said that under Republic Act 7653, as amended by RA 11211, it should retire or destroy all Philippine banknotes and coins found to be unfit, mutilated or demonetized, including seized counterfeits.

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This will ensure that only fit and legal tender banknotes and coins are circulated and used to purchase goods and services, it said.

The BSP said it was seeking the enactment of a law defining and penalizing the excessive and unnecessary hoarding of coins to protect the integrity of the Philippine currency.

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