CEBU CITY – Coin shortage is becoming a serious problem in the country despite the Bangko Sentral ng Pilipinas (BSP) minting 15.6 billion pieces of coins worth P16.9 billion as of December 2009.
This wide-reaching shortage exists because coins are usually left at home, stored in piggy banks, hiding inside cabinets and car compartments, scattered on top of the refrigerator, gathering dust and forgotten, according to a multimedia special report published by Sun.Star Network Exchange (Sunnex).
The report, which looked into the effect of coin shortage on vendors, drivers, business and financial institutions that need these coins to responsibly transact with the public, said each Filipino holds 150 pieces of coins, with the BSP producing more than 11 billion pieces every year.
Cebu Bankers Club (CBC) president Chito Cabaero said, however, the coins are not circulated, “thus the problem is not in the supply of coins but in the circulation.”
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Check the multimedia special report here