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BSP retires 519.93MT of unfit, mutilated coins to maintain integrity of Philippine currency

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A Filipino fish vendor collects earned peso coins in a bowl with water at a market in Quezon City, east of Manila, Philippines, Oct. 4, 2018. Rolex Dela Pena, EPA-EFE/File " src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/11/02/coin.jpg"/><figcaption>This photo shows coins that have been defaced because they are unfit for circulation. Coin defacement involves using a machine to alter the surface of coins to prevent them from being recirculated.</figcaption></figure></div><p>MANILA — The Bangko Sentral ng Pilipinas on Wednesday said it retired by defacement some unfit, demonetized, mutilated and counterfeit (UDMC) coins in October and September 2022 to maintain the integrity of the Philippine currency.<br/> <br/>Some 519.93 metric tons of UDMC were retired for the period, the central bank said in a statement.</p><p>Out of the total, 70 percent or 364 metric tons were unfit, 25 percent or 128 metric tons were mutilated, 4 percent or 21 metric tons were counterfeit, and 1 percent of 7 metric tons were demonetized, data showed.</p><p>Coin defacement involves using a machine that alters the surfaces of coins to prevent them from being recirculated, the BSP said. Defaced coins may be recycled into different items based on their metallic content, it added. </p><p>The BSP said under Philippine laws, the central bank shall retire or destroy all banknotes and coins found to be unfit, mutilated, or demonetized, including seized counterfeits.</p><p>&quot;This will ensure that only fit and legal tender banknotes and coins are circulated and used to purchase goods and services,&quot; the BSP said. <br/> <br/>Meanwhile, the BSP has repeatedly urged consumers to recirculate coins that are still considered legal tender and use them for payments.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/10/26/22/bsp-tells-public-use-accept-coins-for-payments">Bangko Sentral tells public: Use, accept coins for payments</a></li>	<li><a href="https://news.abs-cbn.com/business/03/11/22/bsp-launches-125-piso-commemorative-coin">BSP launches &#x27;125-Piso&#x27; commemorative coin in honor of Jose Rizal&#x27;s martyrdom</a></li>	<li><a href="https://news.abs-cbn.com/business/08/22/22/bsp-to-deploy-coin-deposit-machines-in-select-malls">Bangko Sentral, retailers sign deal for deployment of coin deposit machines</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2309988" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The BSP said it retired by defacement some unfit, demonetized, mutilated and counterfeit coins in October and September. 