{"id":32805,"date":"2014-11-25T17:10:33","date_gmt":"2014-11-25T09:10:33","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=32805"},"modified":"2014-11-25T21:13:14","modified_gmt":"2014-11-25T13:13:14","slug":"osmena-files-bill-vs-coin-hoarding","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2014\/11\/25\/osmena-files-bill-vs-coin-hoarding\/","title":{"rendered":"Osme\u00f1a files bill vs. coin hoarding"},"content":{"rendered":"<figure id=\"attachment_22129\" aria-describedby=\"caption-attachment-22129\" style=\"width: 300px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/shutterstock_63808609.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-22129\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/shutterstock_63808609-300x225.jpg\" alt=\"Shutterstock Photo\" width=\"300\" height=\"225\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/shutterstock_63808609-300x225.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2014\/08\/shutterstock_63808609.jpg 1000w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-22129\" class=\"wp-caption-text\">Shutterstock Photo<\/figcaption><\/figure>\n<p>MANILA \u2013 Sen. Sergio Osme\u00f1a III has filed a bill on penalizing people who hoard legal tender coins of Philippine currency.<\/p>\n<p>Osme\u00f1a noted in the Senate Bill 2452 that the Bangko Sentral ng Pilipinas (BSP) has recorded cases of deceitful hoarding and exportation of coins by syndicates. These people convert and smelt coins for their metallic value and use them as raw materials for computers, mobile phones, and other industrial applications.<\/p>\n<p>Most tender coins of Philippine currency are made from copper, brass, nickel, aluminum or steel. The high prices for these metals has led to debasement of the currency.<\/p>\n<p>Osme\u00f1a said that he expressed his concern for the government given that it would entail outlay of funds just to replace the current coins in circulation.<\/p>\n<p>He also mentioned that there is an increasing demand for one peso coins because of vending machines and video karera machines. Using the coins in such games as well as storing them in piggy banks will lead to shortage in coin circulation.<\/p>\n<p>\u201cTo curb the hoarding of Philippine legal tender coins, this bill proposes to criminalize coin hoarding or the keeping or possessions of coins of any denomination beyond aggregate value, number of pieces and weight to be determined by the BSP committed by any person, corporation or partnership, association or any form of juridical personality,\u201d Osmena said.<\/p>\n<p>Exempted from the bill\u2019s coverage are charitable institutions, private banks, banking and financial institutions of the government, and government agencies and instrumentalities are exempted from the bill.<\/p>\n<p>Under the bill, the Central Bank is also given full authority to change and review the amount every three years based on the value, supply, and demand of legal tender coins.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA \u2013 Sen. Sergio Osme\u00f1a III has filed a bill on penalizing people who hoard legal tender coins of Philippine &hellip;<\/p>\n","protected":false},"author":44,"featured_media":22129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95],"tags":[],"class_list":["post-32805","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news-ph","mauthors-lei-fontamillas","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/32805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=32805"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/32805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/22129"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=32805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=32805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=32805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}