NextGen Day

From October 2021 to September 2022, about 519.93 metric tons of unsuitable, demonetized, mutilated, and counterfeit coins were tarnished, according to a statement released on Wednesday by the Bangko Sentral ng Pilipinas (BSP).

According to the BSP, the procedure involved changing the coin’s surface using a machine “to prevent them from being recirculated.”

According to their metallic content, “the defaced coins may then be repurposed into different things,” it stated.

According to the BSP, 364 metric tons, or around 70%, of the coins were demonetized, 25% were mutilated, 4% were counterfeit, and 1% were unsuitable.

It stated that Republic Act (RA) 7653, as revised by RA 11211, requires the destruction of both coins and banknotes.

By RA 11211, the New Central Bank Act was modified.

This will guarantee that only legitimate banknotes and coins are used to pay for goods and services and are circulated, it was said.

The BSP stated that it wants “a law identifying and punishing the excessive and unjustified hoarding of currency” to be passed.

The BSP noted that this supports its “ongoing efforts to maintain and protect the integrity of Philippine currency.”

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