Showing posts with label central bank of the philippines. Show all posts
Showing posts with label central bank of the philippines. Show all posts

BSP- SM Partnership Boosts Coin Recirculation & Support for Public Schools


SM Prime Holdings Inc., the largest shopping mall operator in the Philippines, is one of the partners of the Bangko Sentral ng Pilipinas in promoting the regular use of coins and the “Tulong Barya Para sa Eskwela,” the joint BSP-DepEd coin collection campaign for the benefit of public elementary schools.

At SM’s Mall of Asia, the program was launched by (from left) SM Supermalls President Annie Garcia, SM Prime Holdings SVP for Retail Operations Jorge Mendiola, Monetary Board Member Juanita Amatong, and BSP Corporate Affairs Director Fe de la Cruz. The Bangko Sentral has issued roughly 14 billion pieces of coins worth P14 billion. However, the habit of many consumers to leave coins in their homes and offices have reduced the number of coins in circulation. By supporting “Tulong Barya,” coins are recirculated, stores are able to provide exact change to consumers, and funds are raised for public elementary schools. “Tulong Barya” coin cans are at cashier counters of SM Department Stores.- BSP

Ilocos Norte residents warn on P1-coin hoax


The Bankers’ Association in Ilocos Norte are warning the public not to believe rumors that a one-peso coin could be exchanged for a higher amount of cash.

The bankers’ advisory came out as rumors spread in the area that a one-peso coin dated 2004 could be exchanged in banks for P20.



Ronald Mandac, Bankers’ Association director, said that there were many who believed in the rumor and flocked to banks asking how their coins can be exchanged. He also said there was no directive from Bangko Sentral ng Pilipinas on the supposed exchange issue.

Mandac said however that he believes the issue is related to another rumor which said that the 2004 one-peso coin supposedly contains silver and bronze.


Authorities claimed that not only a few residents of Laoag City collected 2004 one-peso coins hoping that it would be exchanged for the higher amount of cash.

Similar rumors have been spreading most likely in the rural areas not only of the present day one-peso denomination. Rizal head peso minted during the time of President Marcos, known to many as "The Large Peso" has its own version of myth.

Some says that Marcos hid his gold on these coins, the reason why the coin has its yellowish color. Most likely, they added "it can be found in coins dating 1971", which is actually a non-existent date.

Even the 10-peso is not spared from the series of gossips. Some speculate that the core of the coin has gold in it, and the metal is abundant only in the coin minted in the year 2000.

The millennium peso is scarce though, but BSP officials assure that there is no gold in it.

Proposal for Scrapping Lowly Coins Denied


Philippine current low denomination coins

Scrapping coins whose values fall below one peso would be impractical for the Philippine government and unfair to consumers, a government official said on Thursday.

The government will also be unable to switch to a purely paper currency system because paper “has a shorter lifespan," the official who refused to be identified told GMANews.TV.

The official was prompted to issue this statement after Representative Roilo Golez filed a resolution urging the House Committee on Banks and Financial Intermediaries to conduct an inquiry regarding the “practicability of retiring and demonetizing the centavo as a Philippine currency."

House Resolution No. 898 also proposes to “round off cash transaction values to the nearest peso."

“Despite the number of coins issued in circulation, demand remains unfilled in many parts of the country because these coins are not being recirculated, or used regularly by the public but instead are kept inside bank vaults, piggy banks, inside drawers, used as washers, or even thrown away as inconvenience," the resolution said.

However, the official pointed out that while it is more expensive to produce coins, keeping them in the system is in accordance to the law.

Lower denominated coins also serve many consumers who buy inexpensive items, the official added.

The source said a 25-centavo coin costs as much as 80 centavos, depending on the price of metal in world markets.

Meanwhile, SM Hypermarket, which operates the SM Group’s hybrid department and supermarket store, said it sees no unfavorable effect should the said House Bill become a law.

The group has been thinking of ways to solve the problem of giving their customers the exact change for their purchases, Robert Kwee, SM Hypermarket executive vice president, said in a telephone interview.

“On our own, we're trying to find ways to eliminate the change because we've been getting complaints," he said.

Kwee noted that there were instances when the store is forced “with its back on the wall" because even banks had run out of coins.

He said that there were times when they were forced to exchange sweets and sweeteners with coins or even reward points to appease irate customers.

Itong dela Eva, IT Head for SM Food group, agreed.

“We don't see any problem with the proposal," she said.

However, Kwee cautioned lawmakers from rushing the proposal, saying that customers must first be consulted about it.

“My only suggestion is that we also get the side of the customers because some of them will still want to be given exact change," he said.

SM Hypermarket is seeking to build its 12th and 13th stores in the country. - GMANews.TV

The Extremely Rare 1986 Marcos head 500 - peso note to be auctioned this Month

Lot Description of the Marcos Head 500-peso banknote


The Bayanihan Collectors Club Local Auction Catalgue

After the Marcos regime ended, the Aquino government implemented a draconian reformation including the immediate deletion of all memories that would remind the public of the former president. Statues, monuments, publications, including projects were torn down, demolished, or discontinued as part of the process. During that same period, then Bangko SentralNg Pilipinas was about to introduce the 500-peso denomination, which featured Marcos head. Before the denomination was about to be distributed, Ferdinand Marcos was ousted by way of the first People Power revolution thus, it never reached circulation and were left stored in the Central Bank’s vault until the new government was installed.

Former president Aquino ordered the destruction of all of these banknotes that even the Central Bank Museum does not have any specimen in their collection. The order was very directive that not a single piece be left as a reminder of the history that had taken placed. However, a single image of the note was captured by a researcher who was then compiling a catalogue of Philippine banknotes. I have found that mysterious manuscript inside the Quezon City Hall public Library with the original pictures attached to it. The crude research paper never reached mass production and the original manuscript was placed along with several books in the Filipiniana section. The pages of the manuscript were already torn that even the title page was missing yet surprisingly, the single picture of the 500-Marcos note was there when I first made that discovery.

I was disappointed that the library do not allow their books brought outside despite of my formal request from the administrator to have it colored copied, and thus I left the image at the hands of other library goers.

The second time I came, I brought myself a digital camera to have the image reproduced but it was not there anymore. Sad to say that even just the picture of this amazingly rare note was lost that I had feared that it was lost forever until a great news arrived.

This 30th of November, the Bayanihan Collectors Club will conduct a regular auction, which features the printer’s proof of the 500-peso Marcos banknote. Despite of the numerous rare collections that will be offered, the item is placed under the regular local auction so, no image was attached along with the lot description. This is a once in lifetime opportunity for Philippine note collectors since this is the first time that the numismatic world would first capture the first and probably the only existing copy of the note---which coincidentally, is also the printer’s copy.

High-grade gold, silver found in S. Cotabato



A Canadian mining exploration company has found high-grade gold and silver deposits at a mining site in T’boli, South Cotabato.

Cadan Resources Corp., which operates the Tboli gold-silver project through Philippine affiliate Tribal Mining Corp., said the mine site might contain 584,000 tons of mineral deposits with 10.2 grams of gold and 50 grams of silver per ton.

In September, the company estimated mineral resources at the site at 420,000 ounces of gold and 1.6 million ounces of silver. It pegged the grade at 5.5 grams of gold and 21 grams of silver per ton.

"The latest higher grade results continue to indicate that the Tboli gold-silver resource not only appears to be larger in area. The grade also appears to be higher than [the earlier mineral resource classification]," Tribal Mining President Edgar D. Martinez said.

In a statement, he noted that there had been minimal surface exploration activity within a 400-meter area. Previous tests in the eastern side of the resource ranged from 13.37-81.14 grams of gold per ton, he added.

Tribal Mining obtained a permit to continue its exploration activities on Sept. 9 for potential development of the Tboli gold-silver project.

Canadian miner Cadan, which used to be known as Sur American Gold Corp., started underground development of the T’boli gold-silver deposits sometime later to determine the quality and quantity at the site.

The company’s mine development site straddles an area earlier contested by a native clan and a local cooperative.

The Maguan clan has sought clearance to mine the area of the T’boli Minahang Bayan Multipurpose Cooperative, which supposedly forms part of its ancestral domain claim. Consisting of small-scale mining operators, the cooperative has asked a local court that 21 hectares of a gold-rich portion of the village of Kematu in T’boli town be set aside for its exclusive use.

The land, however, forms part of the 85-hectare mining area granted by the government to Tribal Mining under a mineral production sharing deal.

Mines and Geosciences Bureau Regional Director Constancio A. Paye, Jr. said the dispute between the cooperative and Tribal Mining is separate from the claims of the Maguan clan.

Former South Cotabato Governor Hilario de Pedro III has issued an executive order apportioning the 21 hectares as the "people’s mining site" to address the row.

Mr. Paye said about 20 to 30 tunnels have been dug by cooperative members at the site over the years. — Romer S. Sarmiento, BsuinessWorld

"Pondo Ng Pinoy" May Cause Coin Shortage


Philippine Low Denomination coins


Fearing a coin shortage caused by his pet project, Manila archbishop Gaudencio Cardinal Rosales asked priests in his archdiocese to remit quickly the 25-centavo coins they collected.

In a memorandum, Rosales said he received word from the Bangko Sentral ng Pilipinas his "Pondo ng Pinoy" project may cause a shortage of 25-centavo coins.

"I was told by somebody from Bangko Sentral that the Pondo ng Pinoy project was doing a disservice to the communities because parish priests were keeping the coins longer than necessary," he said in his memorandum, excerpts of which were posted on the Catholic Bishops Conference of the Philippines website.

Rosales drew up the "Pondo ng Pinoy" project to collect 25-centavo coins from the faithful to give to charity, on the premise that small amounts can pile up to become big contributions.

But he said parish priests keeping the coins longer may lead to a shortage of the 25-centavo coins.

"We wish to remind parish priests not to hoard the coins in their parish offices or rectories but to remit them as soon as possible to the Pondo ng Pinoy office," he said.

In his circular, Rosales also authorized his priests to collect the "Pondo ng Pinoy" bottles in establishments that are under their jurisdiction.

"Our attention has been called to the fact that there are so many bottles of 'Pondo ng Pinoy' in various establishments, such as offices, schools, malls, and other institutions," he said.

The CBCP said that from July 2004 to December 2007, the fund has reached over P161 million. - GMANews.TV

BSP Issued Advisory Against Illegal Used Of Coins


The Bangko Sentral ng Pilipinas (BSP) requests the support of the public in reporting persons who are involved in defacing/mutilating or smuggling Philippine coins. Both are criminal acts punishable by law under Presidential Decree 247 and BSP Circular 98, Series of 1995 in relation to Section 2530 (f) of the Tariff and Customs Code of the Philippines, as amended.

The BSP also warns the public against persons claiming that the central bank “buys” certain coin denominations higher than their face value. There is no truth to this information.

The BSP is the sole issuer of currency in the Philippines. It mints and circulates coins in accordance with its mandate to supply the currency requirements of the banking system and sustain economic growth. It determines the different denominations of our money, both banknotes and coins, and the public should accept them at face value, no more, no less.

Econonomic Report: OFW Remittance up by 17.2 %



Remittances of overseas Filipinos coursed through banks continued to be above the billion-dollar mark, at US$1.3 billion in August 2008. As a result, year-to-date remittances totaled nearly US$11 billion (at US$10.9 billion). The remittance level for the first eight months was 17.2 percent higher compared to the level recorded in the same period a year ago. Remittances in August 2008, however, grew at a slower pace of 10.4 percent compared to previous months.

While the ongoing global economic slowdown could put some dent on the growth of remittances, particularly from those advanced countries that would be most affected by the strains in the global financial markets, Officer-in-Charge Nestor A. Espenilla, Jr. observed that remittances will continue to provide strong support to the economy for a number of reasons. First, demand for Filipino workers overseas has been on an uptrend. Preliminary data from the Philippine Overseas Employment Administration (POEA) showed that, for the first eight months of 2008, the number of Filipinos deployed abroad reached 884,907, 26.4 percent higher than the level a year ago (699,937). Newly-hired Filipinos were mostly deployed to the Middle East (Saudi Arabia, United Arab Emirates, Qatar and Kuwait) and Asia (Taiwan and Hong Kong). The ongoing conduct of talks with potential foreign employers combined with the increasing deployment of highly-skilled, therefore higher-paid Filipino workers (such as engineers, medical practitioners, production-related workers, hotel staff) continued to buoy the demand for Filipino manpower and the level of remittances.

Second, Filipino workers overseas and their families have gained greater access to enhanced banking services provided by local banks and their foreign counterparts. The increased access to formal channels by overseas Filipinos has been made possible by the establishment of more remittance centers and tie-ups abroad by local banks, OIC Espenilla added.

For the period January-August, remittances came largely from the U.S., Saudi Arabia, U.K., Italy, United Arab Emirates, Canada, Japan, Singapore and Hong Kong. - BSP Media Release

Gold Glitters for Small-scale Miners


The glitter of gold is driving Benguet’s small-scale miners into the bowels of the earth. And as long as the rocks glow with ore, the miners will be there, working on the dark, dank and dangerous tunnels, with their chisels and hammers.

Not even the recent death of six miners, who were trapped along with 10 others inside an abandoned tunnel in Itogon town, will slow down the miners.

It is their lifeblood, according to officials of the Benguet Federation of Small-Scale Miners (BFSSM), who say that the province now has more than 20,000 small-scale miners spread in tunnels in eight of 13 towns – Itogon, Tuba, Mankayan, Tublay, Kabayan, Bokod, Atok and Bakun.

But most of them are not registered with the Provincial Mining Regulatory Board, which is required under the People’s Small-Scale Mining Act of 1991 (Republic Act No. 7076).

That’s why, says Itogon Mayor Mario Godio, the town could not formally push gold production as its “One Town One Product” with the Department of Trade and Industry since the program needed the registration of product participants.

“The miners feel that the law is a burden to them,” Godio says.

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The Flora and Fauna Patterns, Errors, and Trial Strikes Part 2


1994 Fifty Centavos (Small Flora And Fauna) Struck In Bronze

Here is another fifty centavos of the same denomination which just like its bigger version is also being suspected as a trial piece or a pattern since there were no bronze planchets produced for Philippine coins during that time. The governments intention of reducing the production or minting cost of coins and at the same time reduced the metal content of coins resulted to the smaller version of the Flora and Fauna series. The designs were similar only that the newer twenty-five centavos and fifty centavos have reeded edges and of course the color of the fifty centavos planchets were the same with that of the twenty-five centavos. This specimen is also in an uncirculated condition and even has luster. There were no other reported specimen that came out in the market except this one and this is again another exciting discovery in the world of Philippine numismatic.

Collecting Coin is Fun?

When I started out collecting coins, most people thought that I had a weird hobby. Since, I always spent a portion of my allowance on coins, my parents would even think that I was wasting my time and coin collecting was detrimental. I was aware that I was the only one even in my class who has such passion for coins but i really don't know what made me kept happy whenever I add a piece of penny or a couple of change found from a "balikbayan" neighbors "pasalubong" to my collection. I felt excited whenever I visit a local coin shop or an antique shop to glance at some of the displays and always told myself that I would buy one in the future after i had asked the owner how much the price of that piece would be.

I stopped collecting coins for a while when I reached college. The schedule was hectic and I found it very hard to mingle with teens of my age whenever I entered coin collecting as an interesting subject. I felt that I was depriving myself during those years especially i that cannot barge from friends conversation when the topic of our "jam" was what we do like doing most as a past time.

I was already a career person when I again encountered coin collecting. Despite the traumatic experience I had during that second introduction since I bought fake coins for a hefty sum of money. I realized that still, coin collecting is fun for me. I know it is better to say that I should have stayed away from it but I thought it was part of educating myself and that experience was a preparation for me to become a professional numismatist and a collector.

Now, whenever I recall my past. I had no doubts that I made the right choice. Coin collecting is fun and will always be fun and that I would be more than willing to share that feelings with others as long as I could.