Retail establishments, particularly grocery stores and supermarkets, are still woefully short of coins, leaving most customers short-changed. As we have repeatedly pointed out, the 10 centavos that stores fail to give us can add up to a sizeable sum particularly for large chains that get thousands of customers every day of the week.
The Bangko Sentral ng Pilipinas (BSP) has also repeatedly given the assurance that it has released more than enough coins for every one of the 90 million or so Filipinos. So where are these coins if shortages persist?
Inconvenient
The BSP itself answered the question in a recent press statement. Diwa Gunigundo, BSP officer in charge, said coins were going to video game and karaoke machines, water and coffee dispensers, churches and jueteng.
Other coins, of course, are saved in piggy banks or stashed in drawers in homes and offices because people find it inconvenient to carry them around. Worse, some people even throw coins away like trash.
Guinigundo said, “It is not the amount of coins in the system; the re-circulation of coins is the problem.”
He said only about 10 percent of the 18.9 billion pieces of coins were being re-circulated. The 18.9 billion coins—in P10, P5 and P1, as well as 25, 10 and five centavos—means 198 pieces for each of the 94 million Filipinos.
Coins that go to the churches will eventually be deposited in the parish accounts, so will be re-circulated. When it comes to jueteng, coins are quite inconvenient to keep. They are difficult to lug around when jueteng people have to make a quick getaway, when law enforcement authorities make their “ceremonial” raids following the appointment of new officials.
Tokens
With regard to the other “culprits,” the BSP can probably encourage the use of tokens or, better yet, recyclable pre-loaded cards so establishments operating these machines do not have to hang on to the coins. Pre-loaded cards, like those used for mobile phones, are now being used for a wide assortment of purposes.
I was recently at the Wine Museum on Tramo Street in Pasay City and they are even using pre-loaded cards for a machine that dispenses wine in accurately measured amounts—for tasting and in half and full glasses. Values are reloaded into the cards through a laptop that also controls and monitors the wine dispensers to make sure temperatures are maintained, etc.
Using preloaded cards will eliminate the tedious task of counting the coins at the end of the day. I am sure that is not a very easy and welcome job for whoever is in charge of the counting. And for cyber cafés, the use of pre-loaded cards is more in keeping with their image as high-technology hubs.
Not embarrassing
As for those who find it embarrassing to be seen with a purse-ful of coins, you should know that you are losing so much more than the 10 or five centavos you refuse to accept or that you throw away. Not only do you allow retail establishments to profit even more when you do not demand your exact change but, when you throw the coins away, you are throwing away your own money.
It is taxpayers’ money that is spent on the minting of these coins. And each coin costs more to produce than its face value. Surely you do not think that it takes less than five centavos to make a five-centavo coin?
In countries more affluent than us, even men have coin purses so they can give the exact amount if the store does not have the right change. To be seen with one cent or one yen is not considered an embarrassment in the United States and Japan. And to think their citizens are better off than us!
Send letters to The Consumer, Lifestyle Section, Philippine Daily Inquirer, 1098 Chino Roces Ave. cor. Mascardo and Yague Sts., 1204 Makati City; fax 8974793/94; or e-mail [email protected].
