Statement on Seizure of PHP50M Worth of PH Coins in QC

​A joint enforcement operation led by the National Bureau of Investigation, in coordination with the Bureau of Customs, the Philippine Coast Guard, and the Bangko Sentral ng Pilipinas (BSP) resulted in the seizure of a stockpile of 1-Piso coins totaling about Php 50 million from a warehouse in Barangay Laging Handa, Quezon City. Upon initial inspection, BSP agents determined that the 1-Piso coins are from various design series. Representative samples of the seized coins are now being tested by the BSP to confirm their authenticity.

Representatives of Barangay Laging Handa and the lawyer of the alleged co-owner of the items were present during the inspection by law enforcers.

Coin hoarding results in the inefficient circulation of coins and prevents their primary use as medium of exchange. It hampers the efficient flow of transactions and causes an artificial shortage, which is disruptive to the financial system.

The BSP is advocating the passage of a law on the hoarding of an extremely large volume of coins, as the central bank believes that the criminalization of this activity reinforces continuing efforts to maintain and protect the integrity of Philippine currency.

Moreover, under its Coin Recirculation Program, the BSP encourages the public to refrain from unnecessarily accumulating coins, and instead use them to pay for goods and services or deposit them in banks.