Philippines suffering from shortage of coins



Coin shortage in the PhilippinesHow many times have you been irked by cashiers saying they don’t have barya and “Para masuklian kita nang buo, Sir, penge na lang ng singkwenta sentimos”?

That scene is almost always annoying but, apparently, this only confirms that the Philippines is currently suffering from a shortage of coins.

According to the Bangko Sentral ng Pilipinas (BSP), Filipinos should start refraining from collecting and keeping coins because by doing so, the coins are taken out of public circulation and is not good for the financial system.

BSP Deputy Governor Diwa Gunigundo advised Filipinos to literally unload their alkansiya (piggybanks) and start spending coins to release them again to public circulation.

“Nananawagan tayo sa mga may alkansya dyan, sa mga may barya sa drawer, sa mga garapon. Ilabas na po natin. Ang problema kasi natin ay hindi yung dami ng barya, kundi yung sirkulasyon. Hindi napapaikot ang mga barya,” Gunigundo said.

One obvious effect of coin shortage in the country is the policy of some stores to shortchange customers (kulang ang sukli) due primarily to the fact that shops sometimes lack coins (barya) which they use as sukli.

More importantly, though, the suppressed circulation of coins forces the BSP to mint new coins — a move that entails additional cost to the government. According to the BSP, the cost to produce one new coin is Php 2.00 ($0.047). When taken in bulk, this amount may be worth billions of pesos that could have been spent in social services or jobs creation.

So next time you went shopping, bring and spend your coins. That can be your contribution to solving the problem of coin shortage in the Philippines.

About the Author

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more
blank

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
blank

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
blank

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
blank

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
blank

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
blank

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
blank

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
blank

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

Leave a Comment