MANILA — The House of Representatives has recently passed on second reading, a bill seeking to penalize the hoarding of Philippine coins.
As coins are being hoarded for reasons including smuggling for the extraction of metallic content, lawmakers said the bill was important in maintaining the country’s currency stability.
Some Bangko Sentral ng Pilipinas (BSP) officials have proven the illegal hoarding of coins and its growing cases as coins are converted into raw materials of certain parts of mobile phones and computers.
House Bill 4411, “An Act Penalizing the Hoarding of Legal Tender Coins of the Philippine Currency,” seeks to impose a penalty of eight years of imprisonment and fine of not exceeding P300,000, but not lower that the face value of the coins hoarded or their intrinsic value which may be decided on whichever is higher.
The bill also mandates the BSP to draft implementing rules and regulations in determining the aggregate value, the number of pieces and weight that will constitute hoarding.
Meanwhile, charitable institutions, private banks, banking and financial institutions of the government and other government agencies are not covered of the penalty if they are holding the money as part of their functions.
The bill’s authors are Reps. Jorge Almonte of Misamis Occidental, Julieta Cortuna of A Teacher, Ferdinand Hernandez of South Cotabato, Henry Oaminal of Misamis Occidental, and Terry Ridon of Kabataan.
With report from Paolo Romero