The Bangko Sentral ng Pilipinas said Congress should pass a law against coin hoarding which causes artificial shortage and disrupts the efficient flow of transactions in the financial system.
It issued the statement following the seizure of authorities last week of a stockpile of 1-piso coins totaling about P50 million from a warehouse in Barangay Laging Handa, Quezon City.
The seizure was a result of joint initiatives of the National Bureau of Investigation, in coordination with the Bureau of Customs, the Philippine Coast Guard and the Bangko Sentral.
Upon initial inspection, BSP agents determined that the 1-piso coins are from various design series. Representative samples of the seized coins are now being tested by the BSP to confirm their authenticity. Representatives of Barangay Laging Handa and the lawyer of the alleged co-owner of the items were present during the inspection by law enforcers.
“Coin hoarding results in the inefficient circulation of coins and prevents their primary use as medium of exchange,” the BSP said in a statement.