NextGen Day

💰🛍️ The Bangko Sentral ng Pilipinas (BSP) is encouraging the public to use coins for payments, as it raises the legal tender limit per transaction for various coin denominations. The new limits are as follows:

1. PHP1, PHP5, PHP10, and PHP20 coins: Legal tender limit per transaction is now PHP2,000 each.
2. PHP0.1, PHP0.5, PHP0.10, and PHP0.25 coins: Legal tender limit per transaction is now PHP200 each.

This adjustment comes as part of BSP’s efforts to promote further the use of coins in cash transactions and payments. Previously, the limits were PHP1,000 for the larger denominations and PHP100 for the smaller denominations.

BSP emphasizes that the legal tender limit for coin transactions doesn’t restrict transactions above the stated coin limit as long as both parties agree beforehand.

The move aims to maximize the use of coins, control the cost of minting, and address the perceived coin shortage in some regions of the country. Many overlook the importance of coins, especially the smaller denominations, and some even store coins for extended periods.

To support this initiative, the BSP has partnered with prominent malls like SM, Robinsons, and Festival for the coin recirculation program. Coin deposit machines will be available in select malls, offering exchange value through GCash electronic wallet credits or SM shopping vouchers.

By encouraging the use of coins in transactions, BSP aims to ensure efficient circulation and usage of coins in the economy, contributing to a more convenient and cost-effective payment system for the public.

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