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September 24, 2023

BSP tells public to handle coins properly

The Bangko Sentral ng Pilipinas (BSP) is reminding the public to observe proper handling of coins in line with its legal mandate to protect the integrity of Philippine currency.

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

Since the production and continuous circulation of fit and high-quality coins are a public investment, all are enjoined to use coins, whenever appropriate, to pay for goods and services; exchange or deposit unused coins in banks instead of keeping them in storage; and maintain the cleanliness of coins.

The public may exchange or deposit unfit coins, while coins of doubtful authenticity may be surrendered to banks for BSP inspection. If deemed unfit, said coins will be withdrawn from general circulation.

The BSP warned that willful defacement, mutilation, burning, or destruction of Philippine coins may be subject to imprisonment of up to five years and a fine not exceeding P20,000, pursuant to Presidential Decree No. 247.


Three rural banks merge to enhance financial stability

Three rural banks have successfully merged in a move aimed at bolstering their financial stability, as confirmed by the Bangko Sentral ng Pilipinas (BSP). The merger officially took effect on July 13, following the necessary regulatory approvals, as detailed in a circular letter signed by Bankero and BSP Deputy Governor Chuchi G. Fonacier on September 15.

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