NextGen Day

💰🛍️ MANILA – The Bangko Sentral ng Pilipinas (BSP) is encouraging the public to make use of their coins for payments, as the legal tender limit per transaction for PHP1, PHP5, PHP10, and PHP20 coins has been increased to PHP2,000 each.

For smaller denominations, the legal tender limit per transaction for PHP0.1, PHP0.5, PHP0.10, and PHP0.25 coins is now PHP200, according to an advisory issued by the BSP on Tuesday.

The adjustment is part of BSP Circular No. 1162, issued on December 1, 2022. The BSP aims to further promote using coins in various cash transactions through this increase in the legal tender limit.

However, the BSP clarified that transactions above the stated coin limit are still possible if both parties have a prior and mutual agreement.

The BSP has consistently encouraged the public to embrace coins for payment transactions to maximize their use and minimize the cost of minting. Additionally, this move helps address the perceived coin shortage in some areas of the country.

Despite this push, some individuals overlook the significance of coins, particularly the smaller denominations and may store them for extended periods.

Recently, the BSP partnered with SM, Robinsons, and Festival Mall for the coin recirculation program. This initiative involves placing coin deposit machines in select malls, allowing people to exchange their coins for GCash electronic wallet credits or SM shopping vouchers.

Embracing coins for payments helps the BSP efficiently manage the circulation of coins and contributes to the smooth functioning of the country’s financial system.

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