Bangko Sentral says unused coins must be exchanged, deposited in banks

ABS-CBN News

Posted at Mar 23 2022 02:54 PM

Central Bank Governor Benjamin Diokno ABS-CBN News/File
Central Bank Governor Benjamin Diokno holds newly minted set of 20-piso and Enhanced 5-piso NGC coins at the Executive Business Center at the Bangko Sentral ng Pilipinas, (BSP) in Manila on December 17, 2019. Jonathan Cellona, ABS-CBN News/File

MANILA - The Bangko Sentral ng Pilipinas on Wednesday reminded the public to observe proper handling of coins including the exchange or deposit of unused currency.

Coins are considered public investment used to pay goods and services, the central bank said.

The BSP said coins that are not in use should be exchanged or deposited in banks instead of storing them to maintain the cleanliness of coins.

“Proper handling of coins helps maintain their structural integrity, which also promotes vigilance against their unlawful use,” said BSP Governor Benjamin E. Diokno.

Meanwhile, coins with "doubtful authenticity" may be surrendered to banks for inspection by the BSP, it added. 

The public is also advised that "willful defacement," mutilation or destruction of Philippine coins may be subject to imprisonment of up to 5 years and a fine of not exceeding P20,000.

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