House OKs bill penalizing hoarding of coins

By: Marc Jayson Cayabyab - 10 years ago

MANILA, Philippines—Hoarding of coins may soon be a crime.

This as the House of Representatives approved on third and final reading a bill penalizing the “hoarding” of legal tender coins.

House Bill 4411 defines hoarding of coins as “keeping or possession by any person not engaged in business of legal tender coins of the Philippine currency beyond the aggregate value, number of pieces and weight to be determined by the Bangko Sentral ng Pilipinas (BSP)…”

The BSP is authorized to determine the allowable value, number and weight of coins that a person may keep, the bill read.

The bill exempts charitable institutions, private banks, as well as banking and financial institutions of government and government agencies and instrumentalities, so long as these hold the coins due to their respective duties.

The bill may also exempt persons in retail business so long as they hold only the enough value, number and weight of coins for their businesses average daily gross sales.

Violators may be penalized with 80 years of imprisonment and a fine equivalent to the intrinsic value of the hoarded coins but not exceeding P300,000.

When it comes to offending corporations, partnerships and associations, the officers will be held responsible for the crime, the bill read.

The authors of the bill are Representatives Jerry Treñas (Iloilo city, lone district), Nelson Collantes (Batangas, third district), Julieta Cortuna (A Teacher), Ferdinand Hernandez (South Cotabato, second district), Henry Oaminal (Misamis Occidental, second district), Terry Ridon (Kabataan), Jorge Almonte (Misamis Occidental, first district), and Jose Tejada (North Cotabato, third district).