November 1, 2008

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.

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