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March 01, 2024

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 If deemed unfit, said coins will be withdrawn from general circulation.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.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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