Business and Economy
BSP urges public to use coins for payments
The upward adjustment in the legal tender limit was made “to further promote the use of coins in payments and other cash transactions,” the BSP said. (Pexels photo)
MANILA – The public is encouraged to use their coins for payments, with the central bank hiking to PHP2,000 each the legal tender limit per transaction for PHP1, PHP5, PHP10, and PHP20 coins.
Meanwhile, legal tender limit per transaction for PHP0.1, PHP0.5, PHP0.10 and PHP0.25 coins is now PHP200, according to an advisory by the Bangko Sentral ng Pilipinas (BSP) on Tuesday.
The cap has been increased from PHP1,000 per transaction for the bigger denominations and from PHP100 for the smaller denominations based on BSP Circular No. 1162 issued on Dec. 1, 2022.
The upward adjustment in the legal tender limit was made “to further promote the use of coins in payments and other cash transactions,” the BSP said.
“The legal tender limit for single transaction of coins does not preclude transactions above the stated coin limit so long as both parties have prior and mutual agreement,” the circular said.
BSP has repeatedly encouraged the public to use coins for payment transactions to maximize its use and the cost of minting, as well as address the perceived coin shortage in some parts of the country.
Some disregard the importance of the coins, especially the small denominations. Others store coins for a long time.
Recently, the BSP has teamed up with SM, Robinsons and Festival malls for the coin recirculation program.
Under this program, coin deposit machines will be placed in select malls. The exchange value will either be for GCash electronic wallet crediting or for SM shopping vouchers.
