Congressman wants hoarding of Philippine coins criminalized

[ghosthunter]

Solon wants hoarding of Philippine coins criminalized
July 27, 2013 12:08 pm

A lawmaker wants hoarding of Philippine coins to be criminalized and hoarders penalized with eight years imprisonment and a fine of not less than P300,000.

Rep. Jerry Treñas of Iloilo City, author of House Bill 1662, or the proposed Anti-Hoarding of Philippine Legal Tender Coins Act of 2013, said hoarding of coins of any denomination is causing an artificial shortage of small denominations of currency in the country, which is seen as the reason for the lack of small change in various establishments.

“The unscrupulous practice of hoarding of coins is tantamount to economic sabotage and is creating an artificial shortage of coins,” Treñas said.

Treñas said the bill will criminalize 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 measure seeks to re-circulate the hoarded coins collected and kept by syndicates currently hoarding coins with impunity in the Philippines, which are in turn smelted and converted into other materials of various industrial uses.

Treñas said Republic Act 7653 or the New Central Bank Act established BSP as the country’s central bank. Among the objectives of the BSP is to promote and maintain the monetary stability of the Philippine peso.

“The BSP has the sole power and authority to issue currency within the territory of the Philippines, and it has the authority to investigate, make arrests, conduct searches and seizures in accordance with law for the purpose of maintaining the integrity of the currency. The BSP is therefore the proper agency to enforce and implement the proposed Act,” Treñas said.

The bill will exempt charitable institutions, private banks, banking and financial institutions of the government, and government agencies and instrumentalities when they hold or keep such coins in connection with their official duties.

“The BSP may also exempt persons engaged in retail business, provided that said persons in retail business must not keep or hold such coins beyond the reasonable needs of the business based on its average utility gross sales,” Treñas added.

The bill provides that the separate sets of aggregate amounts shall be determined for persons engaged in business and for persons not engaged in business.

The BSP is empowered to review and change, if needed, the aggregate amounts every three years based on the prevailing value, supply and demand of legal tender coins.PNA

source: Solon wants hoarding of Philippine coins criminalized | The Manila Times Online

[xwangbu]

I remember a story about the old 1-peso coins na hindi ko alam kung totoo.
there are traders daw hoarding the coins para makuha nila yung pilak
and then sell them in bulk. mas malaki kita daw nila kasi the old 1-peso coin
back then is actually worth more than P1 because of its silver contents.

[Monseratto]

How will they know if you are actually hoarding coins??? Another useless press release...

[yebo]

sus, tagal na nangyayari yan, since early 2000 pa. andun na lahat sa china, tinunaw na para makuha yung copper at nickel. kaya nga yung bagong 1 peso coin e nama-magnet na kasi pinalitan na hindi na cupro-nickel, steel na lang siya.

[ghosthunter]

New law now can use your piggy bank to send you to jail!!

[ghosthunter]

How about sending politicians to jail for corruption first? I would like that done. All the investigations yet none has landed in jail.

[Manilablock]

How about sending politicians to jail for corruption first? I would like that done. All the investigations yet none has landed in jail.

hoarding of peoples money is not a crime, it is a privilege of a politician.

Kaya nga nag propose ng bagong batas, pati daw barya ay dapat ibigay na din sa mga politicians for safe keeping.

[yebo]

in our old house we used to have a glass fish bowl filled with coins on top of the kitchen counter. pagka-uwi namin ng misis ko most of the coins in our pockets/coin purse go in there. pag need ng mga KB namin ng pambili ng suka, toyo, onion, garlic, etc. di na nila need humingi ng money dun na lang sila kumukuha. pati load nila sa cel phone dun na din hahahaha! ok lang naman sa amin ni misis yun, ano ba naman yung unli-text 15 daily. one time napuno siya, halos apaw na so dinala yun ni misis sa pnb, inabot sila ng half day bilangin yung coins. umabot din ng more than 10k nung first time and the second time almost 8k. kaso nagkaron kami ng KB na umabuso, napansin ni misis pa-konti ng pa-konti yung laman ng fish bowl e palagi naman walang toyo at suka sa kitchen. nagsumbong yung long time KB-yaya na lagi dumudukot dun yung new KB pag pumupuslit sa gabi makipagkita sa boypren. nahuli nga niya after, lalabas ng bahay sa gabi puno ng barya yung bulsa. pinaalis ni misis yung KB, may asawa yun e, kilala pa nya kasi tiga-kanila sa Negros Occ. e baka mabuntis kasalanan pa nya. after nun nilagay na ni misis yung fish bowl sa room namin. binibigyan na lang ni misis weekly budget yung long time KB-yaya namin ng pera pambili ng needs sa kusina, bahala na siya. tiwala naman na kami. nabasag na din last year, so ngayun lata na lang ng powdered milk.

pag may long trips, dun galing pambayad ng toll sa nlex/sctex. kaya malas yung pipila sa likod ko na vehicle kasi tagal magbilang ng teller sa toll gate. pag sobrang dami na pati pang-full tank dun na din galing pero 2x ko pa lang ginawa. ang tagal kaya bilangin sa gas station pag pambayad mo ng full tank e barya

[cast_no_shadow]

guilty of this, yearly meron ako alkansiya pinupuno ko ng 5 and 10 peso coin then at the end of the year pinapapalit ko sa bank.

why? i don't know why hehe basta gusto ko lang. I get amazed siguro kung gaano siya kalaki pag inipon mo.

[Manilablock]

guilty of this, yearly meron ako alkansiya pinupuno ko ng 5 and 10 peso coin then at the end of the year pinapapalit ko sa bank.

why? i don't know why hehe basta gusto ko lang. I get amazed siguro kung gaano siya kalaki pag inipon mo.

Dont worry Sir, meron naman pong batas na mag protect sayo.

The prohibition against self-incrimination is an individual right not to implicate ones' self in a criminal offense.

[K.I.L.L.]

I think this is just another "lawmaker's" attempt at grandstanding so that he can get recognised. There are a lot of other more important matters that our lawmakers have to focus on yet here they are wasting our taxes by coming out with all sorts of nuisance laws which I can imagine would be extremely hard to enforce.

[Syuryuken]

guilty ako may mahigit pang tatlong libo na tig 5 at 1 dito

[Retz]

wala na maisip na magandang batas ang lawmakers natin.

[170kphlang]

pati pag-impok ng barya.. i do this annually. save all loose change i get from january to november, then by december meron na akong ipon around 4-8k pesos sometimes even more, pang gastos na di masakit sa loob or pandagdag pambili sa regalo for xmas.

Magtatago ng barya, nais ipakulong at pagmultahin ng mambabatas | Ulat Filipino | GMA News Online


Magtatago ng barya, nais ipakulong at pagmultahin ng mambabatas
July 27, 2013 6:33pm
9753 138 3 9904

Isang panukalang batas ang inihain sa Kamara de Representantes na naglalayong ipakulong at pagmultahan ang mga mahuhuling nagtatago ng mga barya.

Sa House Bill 1662, o ang Anti-Hoarding of Philippine Legal Tender Coins Act of 2013, nais ni Iloilo Rep. Jerry Treñas, na patawan ng hanggang walong taong pagkakabilanggo at multang hindi bababa sa P300,000 ang mga mapapatunayang nagtatago ng maraming barya.

Hinihinala ng mambabatas na ang pagtatago sa mga barya ang dahilan kaya kakaunting barya ang umiikot sa serkulasyon at walang maipanukli sa mga establisimyento.

“The unscrupulous practice of hoarding of coins is tantamount to economic sabotage and is creating an artificial shortage of coins,” ayon sa kongresista.

Ayon kay Treñas, ang mga kinauukulang ahensiya tulad ng Bangko Sentral ng Pilipinas (BSP) ang magtatakda kung gaano karami o kabigat o anong denomination ng barya ang magiging basehan ng pagpapataw dito ng kaso at parusa.

Layunin din umano ng mambabatas na mapigil ang sadyang pagtatago ng barya na napupunta umano na sindikato na nagtutunaw sa mga barya para magamit sa ibang bagay.

“The BSP has the sole power and authority to issue currency within the territory of the Philippines, and it has the authority to investigate, make arrests, conduct searches and seizures in accordance with law for the purpose of maintaining the integrity of the currency. The BSP is therefore the proper agency to enforce and implement the proposed Act,” ayon kay Treñas.

Ilang establisimyento at institusyon naman ang papayagang magtabi ng barya kung kailangan sa kanilang serbisyo tulad ng charitable institutions, mga bangko, at mga tindahan.

“The BSP may also exempt persons engaged in retail business, provided that said persons in retail business must not keep or hold such coins beyond the reasonable needs of the business based on its average utility gross sales,” ayon kay Treñas. - RP/FRJ, GMA News

[boybi]

Pano na natin tuturuan mga anak natin mag save sa mga piggy banks nila?

[tagalnasaabroad]

Website source:

At least two countries, Laos and Paraguay, use no coins at all.



Pag di pumasa bill nya, gawa sya new bill ulit: Coinless Legal Tender Act of 20xx..

[monty_GTV]

kung ano-ano na lang maisip ng ilang kongresista natin, basta lang may maihain na panukala at mailagay sa diyaryo nyahahaha!

kung may mag-hoarding man eh malamang sa mga bangko din lang at mga malalaking establisyemento. kung ordinaryong mamamayan, gasino na lang yung isang alkansiya bwahahaha

mabuhay ka Rep. Jerry "barya barya lang" Trenas

[sirkosero]

gawa ng gawa nv proposal. naisip ba nya paano maimplement yan? bobo naman nung tongressman na ito.

bahay-bahay ata gagawin nya at isa isa bibilangin lahat ng laman ng alkansya.

[Lew_Alcindor]

if banks put an ATM machine that can accept deposits both bills and coins, I think the problem will be reduced.

hassle kasi magbilang ng sisingkuhin kaya naiipon na lang ng naiipon.