As far as I can remember there have always been complaints about coin shortage. Usually the basic story, a kind of an urban legend, of a coin shortage begins with a complaint by a buyer that at supermarkets or groceries candies instead of coins are used as change. Or as some are alleging, the cashier at the counter would simply tell you if it's ok if the change is short by 25 centavos. On the other hand, some cashiers are ready to give you 1-piso change instead of 75 centavos if you insist.
Bank officials too have been heard to complain that their clients, meaning businesses, are badgering them for coins.
How about some hard data on coin circulation in Cebu? From records available at the Cebu Regional Office of Bangko Sentral ng Pilipinas one can glean the amount and number of pieces of the various denomination of coins that were shipped from Manila since 2003. Records for earlier years only show the total amount of coins. Still the amount and number of pieces from 2003 to 2009 is staggering.
Leaving aside the figures for the smaller denominations, the data from 2003 to 2009 are as follows:
Denomination Amount No. of Pieces
10-piso P279,600,000 27,960,000
5-piso 165,750,000 33,150,000
1-piso 65,800,000 65,800,000
25 centavo 22,987,500 91,950,000
Total P534,137,500 218,860,800
So where have all the coins gone?
There are several reasons for coin shortages in the Philippines. See here and here for a definitive two-part article.
On a personal note, I think banks should be at the forefront in ensuring an efficient circulation of the coins already in private hands. I am hearing, too, that banks are not keen on receiving deposits in form of coins especially from their small depositors. It would mean additional investment in coin counting machines or manpower which would affect their bottomline, right? This could very well explain a big part of the problem.
Or if banks are willing to receive coin deposits but are not seeing the coins come, perhaps they can try more creative ways of attracting coin depositors.
