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Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo calls on the public to re circulate coins as these play an important role in the country’s economic activity.

During the BSP Demonetization Program briefing in Baguio, Guinigundo stressed that there is no shortage of coins in the country.

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What is happening is an artificial shortage in some areas as coins are usually kept by people. Each country’s around the world with 100 million population can have at least 270 coins regardless of denomination, according to the BSP official.

Guinigundo pointed-out that coins plays an equally important role like the (paper) bank notes in circulation.  It is illegal for people and establishments to short change or reason out the lack of coins not to give the exact change, or worse give a candy in exchange, he said.

“Re-circulation of coins is part of BSP’s program wherein we appeal to the public to bring-out their coins; no matter how small its value it plays an important role in the country’s economic activity”, he added. Guinigundo disclosed that the BSP is set to change the current Philippine currency coins in circulation by 2017.

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