House Bill 1662, the proposed Anti-Hoarding of Philippine Legal Tender Coins Act of 2013, filed by Iloilo Rep. Jerry Treñas also provides for a fine of at least P300,000.
“The unscrupulous practice of hoarding of coins is tantamount to economic sabotage and is creating an artificial shortage of coins,” Treñas said in a news release.
In his bill, Treñas said hoarding coins of any denomination may cause an artificial shortage of small denominations of currency.
He cited how many establishments have lacked small change.
The proposed bill criminalizes the keeping or possession of coins of any denomination exceeding the allowable aggregate value, number of pieces and weight “to be determined by the Bangko Sentral ng Pilipinas (BSP) by any person, corporation, partnership, association or any other form of juridical personality.”
The bill seeks to stop the alleged practice by syndicates of hoarding coins, which are smelted and converted into other materials for industrial uses.
Treñas added the Bangko Sentral ng Pilipinas will be the proper agency to enforce and implement the proposed act.
Exempted from the bill’s coverage are charitable institutions, private banks, banking and financial institutions of the government, and government agencies and instrumentalities that “hold or keep such coins in connection with their official duties.”
The bill lets the BSP “review and change, if needed, the aggregate amounts every three years based on the prevailing value, supply and demand of legal tender coins.” – VVP, GMA News
