Stiffer fine for coin hoarding, counterfeiting eyed

MANILA, Philippines - Iloilo City Rep. Jerry Treñas is urging the Bangko Sentral ng Pilipinas (BSP) to support his initiative to increase the penalty for counterfeiting Philippine currency and penalizing the hoarding of coins.

“We need more stringent laws to protect the integrity of our currency,” Treñas said, adding that the BSP has agreed in principle to study the legislative initiative.

Treñas said BSP Governor Amando M. Tetangco Jr. expressed the BSP’s support for the move, which is aimed at protecting and maintaining the integrity of the Philippine peso.

The BSP, in coordination with the legislative staff of the lawmaker, will form a team to study the needed amendments to the antiquated anti-counterfeiting laws under the Revised Penal Code that was enacted in 1932.

“The penalties do not represent the realities of our time,” Treñas noted.

Likewise, Treñas said a bill criminalizing the hoarding of coins will also be considered, noting that syndicates are currently operating with impunity in the country by hoarding coins, which are smelted and converted into other materials of various industrial uses.

“The hoarding of coins 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,” he added.

The lawmaker said since coin hoarding per se is not a criminal offense under existing regulations, there must be a law defining what is considered excessive hoarding of coins detrimental to the economy and imposing the corresponding penalty for violators.

“It is a must for us to update the anti-counterfeiting laws, including the penalty provisions, and to strengthen the legal process in order to abate unscrupulous practices which are compromising the integrity of the Philippine Pesos,” Treñas said.