{"id":11886,"date":"2014-05-25T16:54:49","date_gmt":"2014-05-25T08:54:49","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=11886"},"modified":"2014-05-25T16:54:49","modified_gmt":"2014-05-25T08:54:49","slug":"no-more-coin-hoarding-in-ph","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2014\/05\/25\/no-more-coin-hoarding-in-ph\/","title":{"rendered":"No more coin hoarding in PH"},"content":{"rendered":"
\"ShutterStock<\/a>
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MANILA — The House of Representatives has recently passed on second reading, a bill seeking to\u00a0penalize the hoarding of Philippine coins.<\/p>\n

As coins are being hoarded for reasons including smuggling for the extraction of\u00a0metallic content, lawmakers said the bill was important in maintaining the country\u2019s\u00a0currency stability.<\/p>\n

Some Bangko Sentral ng Pilipinas \u00a0(BSP) officials have proven the illegal hoarding of coins and its growing cases as\u00a0coins are converted into raw materials of certain parts of mobile phones and computers.<\/p>\n

House Bill 4411, \u201cAn Act Penalizing the Hoarding of Legal Tender Coins of the\u00a0Philippine Currency,\u201d seeks to impose a penalty of eight years of imprisonment and fine\u00a0of not exceeding P300,000, but not lower that the face value of the coins hoarded or\u00a0their intrinsic value which may be decided on whichever is higher.<\/p>\n

The bill also mandates the BSP to draft implementing\u00a0rules and regulations in determining the aggregate value, the number of pieces and\u00a0weight that will constitute hoarding.<\/p>\n

Meanwhile, charitable institutions, private banks, banking and financial institutions of the\u00a0government and other government agencies are not covered of the penalty if they are\u00a0holding the money as part of their functions.<\/p>\n

The bill\u2019s authors are Reps. Jorge Almonte of Misamis Occidental, Julieta Cortuna\u00a0of A Teacher, Ferdinand Hernandez of South Cotabato, Henry Oaminal of Misamis\u00a0Occidental, and Terry Ridon of Kabataan.<\/p>\n

With report from Paolo Romero<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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