The Bangko Sentral ng Pilipinas (BSP) reminded people to use the coins again so that there wouldn’t be a shortage.
Jose Roberto Almeda Jr., BSP senior research specialist, said Tuesday that there is a perceived coin shortage in the country, including in Palawan, due to idle coins resulting in insufficient circulation.
Idle coins, according to Almeda, can be found in piggy banks, altars, videoke machines, and tip boxes where they cannot circulate.
“Mayroon tayong perceived shortage in the sense na maraming inilabas si BSP, but unfortunately, halos walang nagci-circulate because of tinatawag namin na idle coins,” he said.
He said that they continuously call and remind the public to avoid coin hoarding.
According to reports, the BSP has already called for strong laws to penalize coin hoarding.
Data available online also showed around 36 billion pieces of coin in circulation in the country as of June 2021.
“We always encourage the public [and] the establishments na i-circulate natin ang mga coins. Kaya sana ang ire-circulate natin ang mga coins para mawala ang sinabi natin na shortage,” Almeda said.
Aside from this, he noted that the round-shaped P5 coin has been replaced with a nonagon-shaped coin to avoid confusion between the P5 and P1 coin.
“Yong P5 natin is no longer round kasi mayroong big confusion kaya to address clamor sabi ni BSP palitan na ang shape kaya its nonagon in shape na,” Almeda said.