BSP Reminds Public to Accept Coins for Payment
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From the BSP:
The Bangko Sentral ng Pilipinas (BSP) reminds the public that coins that are currently in circulation should be accepted as payment or change in cash transactions.
All denominations (i.e., 1-, 5-, 10-, and 25-Sentimo; 1-, 5-, 10-, and 20-Piso) of the BSP Coin Series and the New Generation Currency Coin Series are legal tender and can be used as payment for goods and services.
Under BSP Circular No. 537, Series of 2006, 1-, 5- and 10-Piso coins can be used as payment for amounts not exceeding one thousand pesos (PHP 1,000.00); and 25-sentimo coins and those of lower denominations for amounts not exceeding one hundred pesos (PHP 100.00).
The BSP is currently updating the said circular on the legal tender limit for the 20-Piso coin. Meanwhile, the public may also use the 20-Piso coin or banknote for payment transactions.
This advisory is in line with the BSP’s broader efforts to promote the efficient recirculation of coins. Inefficient circulation of coins hampers the use of coins as a medium of exchange and may also cause artificial coin shortages in specific locations. On the other hand, efficient coin circulation results in lower production costs due to the minting of fewer coins.
The BSP encourages the public to continue using their coins as payment for goods and services.
This article is published on BitPinas: BSP Reminds Public to Accept Coins for Payment