Gary Posted August 22, 2011 Posted August 22, 2011 MANILA, Philippines (AP) — The Philippine central bank is appealing to the public to stop hoarding coins, saying the habit is forcing it to mint more money at a high cost.Deputy bank governor Diwa Guinigundo lamented on Sunday a shortage of coins in the country and noted that some Filipinos drill holes in coins and use them instead of more costly tokens for video games in violation of laws.He says other people keep change and later give it to charities. The hoarding is hurting monetary authorities, who have to spend at least 2 pesos (4 cents) for every coin that is not used.He says the central bank would save hundreds of millions of pesos (millions of dollars) if there were more coins in circulation. http://news.yahoo.com/authorities-urge-filipinos-stop-hoarding-coins-124913835.html Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted August 22, 2011 Posted August 22, 2011 Thats funny. In the west they mint extra coin sets in the hopes that collectors will buy them and hoard them. But the trick is tomake sure that it costs less to make the coins than their face value, hence the dispute about getting rid of pennies. 1 peso is worth about 2 and a half cents US. I am sure they can make a coin in bulk for less than that. If the current coin is too costly then make one that is smaller and cheaper. (All the small value coins are obsolete now except for the 25 centavo and I don't know that they are making more of those so they may as well just declare them obsolete too). Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted August 22, 2011 Forum Support Posted August 22, 2011 The US penny costs more than its worth to make too.The problem in Philippines are the syndicates shipping coins to Japan to be melted down. They ship container loads at a time and the goverment knows this. Link to comment Share on other sites More sharing options...
Mr Lee Posted August 22, 2011 Posted August 22, 2011 The way to bring coins back to circulation is to have booth at malls where they give discount coupons when you turn in coins in large quantities, the more you turn in, the larger the coupon discount. They could partner with some of the larger stores who want the extra business, so turn in say p20 worth of coins and get a p25 coupon, and so on and so on. It is a win win situation for the stores because we all know most have a large markup on their goods. Also to Dave, when did all the small coins become obsolete? They were still taking them when we left the Philippines in late May, and I have not read anything in any of the news sources? Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted August 22, 2011 Posted August 22, 2011 The way to bring coins back to circulation is to have booth at malls where they give discount coupons when you turn in coins in large quantities, the more you turn in, the larger the coupon discount. They could partner with some of the larger stores who want the extra business, so turn in say p20 worth of coins and get a p25 coupon, and so on and so on. It is a win win situation for the stores because we all know most have a large markup on their goods. Also to Dave, when did all the small coins become obsolete? They were still taking them when we left the Philippines in late May, and I have not read anything in any of the news sources? Super Metro in Mandaue had a sign at the cashier when I shopped there some months ago where they offered a cash bonus if you brought in your small change to cash in for notes. I forget whether it was a 5 or 15% cash bonus but I remember thinking at that time it was a reasonable offer. I read on 'another forum' about coins smaller than 25 centavos being obsolete. The author claimed to have a gf working in a bank as his source of info. I believed it because, when I shopped in Fooda the cashier was willing to take any coin smaller than 1 peso and count it as 25 centavos. Since your query I read the Bangko Central site and they claim to still be minting the coins. Here is a link to their FAQ Link to comment Share on other sites More sharing options...
Mr Lee Posted August 22, 2011 Posted August 22, 2011 The way to bring coins back to circulation is to have booth at malls where they give discount coupons when you turn in coins in large quantities, the more you turn in, the larger the coupon discount. They could partner with some of the larger stores who want the extra business, so turn in say p20 worth of coins and get a p25 coupon, and so on and so on. It is a win win situation for the stores because we all know most have a large markup on their goods. Also to Dave, when did all the small coins become obsolete? They were still taking them when we left the Philippines in late May, and I have not read anything in any of the news sources? Super Metro in Mandaue had a sign at the cashier when I shopped there some months ago where they offered a cash bonus if you brought in your small change to cash in for notes. I forget whether it was a 5 or 15% cash bonus but I remember thinking at that time it was a reasonable offer. I read on 'another forum' about coins smaller than 25 centavos being obsolete. The author claimed to have a gf working in a bank as his source of info. I believed it because, when I shopped in Fooda the cashier was willing to take any coin smaller than 1 peso and count it as 25 centavos. Since your query I read the Bangko Central site and they claim to still be minting the coins. Here is a link to their FAQ Thanks Dave. We do not usually save up many coins but I do toss the extras into a bottle in our kitchen in our condo in Cebu and then take them back as I need them. I am sure we must have a few of the older ones but not enough for me to worry about it, yet whenever something changes and I do not know about it, it always concerns me because I wonder what else I might have missed, so I am glad it seems the rumor was not true. One year quite a while back, my wife and I left with quite a few coins and then when we got back the next year the coins were no longer any good, so I was wondering if you knew something I did not know. Hopefully people will turn in their jars of coins, but it does seem that even in the US lots of people have 5 gallon water bottles and toss their coins into them daily, sort of a forced savings plan for those who apparently cannot force themselves to save any other way. I have read of some people who use that in the past as a college fund. In Florida, and I am sure elsewhere in the states, coin counting machines have pooped up all over the place where they actually charge for counting the coins and turning them into bills, and believe it or not, people actually use those machines and pay to convert their coins into paper. :cheers: :o Maybe it is the thrill of using a new machine which makes people use them, so possibly the same might work in the Philippines. :89: Link to comment Share on other sites More sharing options...
Bruce Posted August 22, 2011 Posted August 22, 2011 Out on Samar, anything less than 1 peso has no value to them. I see small coins in the street and no one picks them up. Which I thought strange because there is no shortage of poor people there. Mercury Drugs does not return any change less than 1 peso and they claim they save all centavos (?) and dontate it to charity. Link to comment Share on other sites More sharing options...
Gary Posted August 23, 2011 Author Posted August 23, 2011 @ Kuya Lee, Them coin counting machines are a very big ripoff, the charge up to 17% for it. BTW, a one gallon milk jug will hold OVER thousand dollars in dimes. Link to comment Share on other sites More sharing options...
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