Cyclists join cause for coin recirculation
CITY OF SAN FERNANDO— At least 659 cyclists rode 35 kilometers in this Pampanga capital on Saturday to help spread information on the coin recirculation program of the Bangko Sentral ng Pilipinas (BSP).
Coming from 22 organizations, the participants in Biseklita Para sa Barya also donated P98,850 in coins to three nongovernment organizations that are helping persons with disabilities, abandoned elderly and orphans, event organizer Ferdinand Caylao said.
The youngest cyclist, at 10 years old, was Gian Kyle Sotto while the oldest, at 74, was Nicanor Nicdao, who also held the world record in nonstop biking in 1967.
“There is a perceived artificial lack of coins because people keep these in their cars, cabinets or piggy banks,” said lawyer Tomas Cariño, deputy director of the BSP San Fernando branch who spoke before the whistle was blown to kick off the nonrace event.
Cariño, who is also a biker, cited the importance of coins in the national and local economies for their use in the payment of goods, services and debts. Philippine coins come in 10-, 5- and 1-peso, and 25-, 10-, 5- and 1-centavo denominations.
There are enough coins in circulation, the BSP official said. In February, the BSP came out with 21.09 billion pieces in February, valued at P24.16 billion. At least 56 percent of these were 25-centavo coins.
Based on the ratio of population to newly minted pieces, each Filipino should have 257 coins, according to Cariño.
The BSP noted an increase in demand for 1-peso coins. as these are used in “Automatic Tubig Machines” and coin games.
“Some groups in the past have tried to smuggle our 1-peso coins but were not successful. The BSP has documented cases of illegal hoarding for melting and shipment to other countries. These illegal activities were closely monitored by the Bureau of Customs and BSP agents,” the agency said.
The coins do not contain silver and gold, and have “lesser component of valuable nickel and copper due to the rising cost of such metals in the world market.” Tonette Orejas, Inquirer Central Luzon
