BALANGA CITY – The Department of Trade and Industry (DTI-Bataan) led by OIC-provincial director Nelin O. Cabahug on Friday received their 4th award from the Bangko Sentral ng Pilipinas (BSP).
“We have just received our 4th award from Bangko Sentral ng Pilipinas (BSP) entitled Outstanding Regional Partner under the Coin Recirculation Category,” Tess Magtanong of DTI Bataan told 1Bataan.com
The awarding ceremonies was held last July 28, 2017 at the Harvest Hotel in Cabanatuan City, Nueva Ecija during the 2017 Awards Ceremony for BSP Stakeholders. DTI Bataan were among the 12 awardees from Region 3 (Central Luzon).
The Monetary Board of the BSP created the Currency Management Committee (CuMC) in 2005 to address problems arising from the circulation of Philippine currency. All the stakeholders in the Coin Recirculation Program agreed that the drive towards a more efficient recirculation of the BSP coins would be achieved only if all sectors of society fully realize the importance of coins and cultivate the habit of regularly using them in giving payments and exact change, and engaging in altruistic activities. Hence, the CuMC embarked on a public awareness campaign.
In its first meeting held on 21 March 2005, the then Deputy Governor Amando M. Tetangco, Jr., the first chair of CuMC stressed that the creation of the committee has become imperative in view of the following concerns. First is the perceived shortage of coins in some regions of the country; the indications that coins are not being recirculated effectively; and, the need for the BSP to produce more coins which would translate into significant costs because coin production entails negative seigniorage, i.e., the intrinsic value of the coin is greater than its nominal value especially for the lower-denominated coins, the 25-; 10-; 5-; and 1-sentimo. — MHIKE R. CIGARAL