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.”

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---