Author Topic: Philippines - New series of coins by 2017  (Read 5293 times)

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Offline Pabitra

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Online Figleaf

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Re: Philippines - New series of coins by 2017
« Reply #31 on: March 26, 2018, 02:14:32 PM »
I am not aware of any such legal requirement in the Netherlands. Can you point me to the law or regulation in question?

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #32 on: March 26, 2018, 03:13:29 PM »
You need to buy unc set of Netherlands.
Where do you get 1 and 2 cents in Netherlands in circulation?

Offline chrisild

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Re: Philippines - New series of coins by 2017
« Reply #33 on: March 26, 2018, 06:08:50 PM »
Have not heard of such a legal requirement in any euro country. Sure, no euro country can simply declare such coins to not be legal tender; that would require a decision that applies to the entire euro area, and of course that is not going to happen. But whether they are produced or not, is up to the government or mint. And of course the mints will continue to produce them - they do not only want to make money but also want to make money. ;)

More about the Philippines circulation coins:
http://www.bsp.gov.ph/publications/media.asp?id=4641
https://www.facebook.com/BangkoSentralngPilipinas/videos/1694125823984573/
https://www.facebook.com/BangkoSentralngPilipinas/videos/1693992943997861/

Christian

Offline eurocoin

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Re: Philippines - New series of coins by 2017
« Reply #34 on: March 26, 2018, 06:20:14 PM »
that would require a decision that applies to the entire euro area, and of course that is not going to happen.

As far as I know the future of the 1 and 2 euro cents coins is currently being reconsidered and the possibility that they will be demonetized was not outruled as yet.

Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #35 on: March 26, 2018, 08:07:05 PM »
Germany will never approve abolishing 1 & 2 cents since at their economies of scale of production, it is still a viable coin. On the other hand, some countries like Greece, Portugal etc., people are happy to use it and do not want to round their bills.

Offline chrisild

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Re: Philippines - New series of coins by 2017
« Reply #36 on: March 26, 2018, 11:54:15 PM »
Well, last time I checked, the Philippines had no intention to introduce the euro ;) so that is moot in the context of this topic. ;D

Christian

Online Figleaf

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Re: Philippines - New series of coins by 2017
« Reply #37 on: March 27, 2018, 11:19:34 AM »
I also doubt the economies of scale argument. By maintaining five mints, Germany is rather lowering any economies of scale they have. It's more like: we are making a loss on every unit sold, but we have a great turnover. :)

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #38 on: March 30, 2018, 03:33:24 PM »
I also doubt the economies of scale argument. By maintaining five mints, Germany is rather lowering any economies of scale they have. It's more like: we are making a loss on every unit sold, but we have a great turnover. :)
Economies of scale would depend more on quality of man power and equipment than on number of mints or number of pieces minted.

Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #39 on: March 30, 2018, 04:44:51 PM »
Meanwhile, the new set stands issued.

Offline Pabitra

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Re: Philippines - New series of coins by 2017
« Reply #40 on: April 17, 2018, 07:32:19 AM »
The set

Offline Bimat

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Philippines - New series of coins by 2017
« Reply #41 on: May 11, 2018, 09:35:36 AM »
New currency banknotes, coins, presented to President Duterte

The Bangko Sentral ng Pilipinas (BSP) on Wednesday, May 9, presented to President Rodrigo Duterte the new generation currency (NGC) banknotes and coins, with the Chief Executive encouraging the public to use the new currency wisely and responsibly for national development.

The BSP Monetary Board led by Gov. Nestor Espenilla Jr. presented the NGC enhanced banknotes and coins to President Duterte at the Reception Hall of the Malacañan Palace.

“I ask the public to join us in welcoming the new generation currency banknote and coin series,” President Duterte said in his speech during the event.

“Let us use them wisely and responsibly for our personal and our country’s advancement. Rest assured that the government will continue to implement initiatives such as this to give a better life for every Filipino,” he said.

The President said he is grateful that the BSP took the lead in creating stronger and safer financial systems and safeguarding the integrity of the Philippine currency.

As required by law, President Duterte said there is a need to change the design of the banknotes and coins to enhance its security features as well as to prevent forging and improve durability.

“Initiatives like this are meant to promote public trust and confidence in our financial system,” he said.

At the same time, the President called on the BSP to stop illegal activities that impede efforts in promoting the integrity of the nation’s currency.

He wants the BSP to intensify its programs against counterfeiting and conduct more campaign to protect the public from confusion and deceit.

The President also said the BSP must also remain vigilant in ensuring price and financial stability, instituting banking reforms and sharpening strategies.

“We do this because public interest is at the heart of this administration’s priorities,” he noted.

The NGC banknotes were issued in 2010 and its design was enhanced in December 2017. The enhancements highlight significant moment in the nation’s history, as well as world heritage sites and iconic natural wonders.

The enhanced banknotes also bear the signature of President Duterte, the country’s 16th president.

The NGC coins feature the BSP logo, national heroes and endemic flora.

In minting the coins, the latest technology was adopted to deter counterfeiting, improve wear, resist corrosion, save minting cost and avoid risks from volatile fluctuations in metal prices as well as deter coin hoarding for the purpose of illegal metal extraction.

Monetary board members who attended the event were Finance Secretary Carlos Dominguez III, Felipe Medalla, Juan de Zuniga Jr., and Antonio Abacan Jr.

Also present were BSP Deputy Gov. Diwa Guinigundo, Deputy Gov. Chuchi Fonacier, Assistant Gov. Dahlia Luna and other BSP officials.

Source: Asian Journal
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Offline malawi

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Re: Philippines - New series of coins by 2017
« Reply #42 on: October 10, 2019, 12:53:09 AM »
very interesting information about new coins set . I don't know if it was said before on forum :

"The decision of the Bangko Sentral ng Pilipinas to introduce a new series of coins was meant to deter foreign entities from stealing large quantities of the local specie to extract their nickel content.
“That’s why we detected entities from at least two foreign countries who used to buy the old P1 coins for P2 or P3, and then shipping them out,” he said, adding that several of these bulk shipments—often filling entire metal shipping containers—were intercepted by the Bureau of Customs on their way out of the country.
“The valuable metals are extracted and used for other purposes, especially nickel,” he said.

Guinigundo did not specify which country the illegally exported Philippine coins were sent to, but BSP officials had earlier said that most were scooped up by Chinese buyers who then melt them to extract the valuable nickel, which was then recycled for industrial purposes in the resource-hungry economy, the world’s second largest.

Nickel is highly resistant to corrosion and, as such, is a key element for making stainless steel alloys.

“This new generation coins will remedy that problem, he said, explaining that the series would be made mainly of steel, with only a double plating of nickel for protection—not enough to be harvested in bulk.


LINK : New coins to stop ?nickel extraction? | Inquirer Business