CEBU, Philippines - Provincial Board Member Victor Maambong has requested the National Bureau of Investigation-Central Office to conduct an investigation against persons who smuggle Philippine coins out of the country to use them as bathroom fixtures and industrial spare parts.
Maambong, in a resolution he will be presenting to the Provincial Board tomorrow afternoon, said activities that involve defacement, mutilation and smuggling of the coin is considered a criminal offense and a violation of Presidential Decree 247 and the Bangko Sentral ng Pilipinas Circular 98, that is punishable by up to five years imprisonment and a fine of P20,000.
“This insidious activities are not only arrant, detestable violations but also constitute economic sabotage since the cost to produce them is higher than their exchange value,” Maambong said.
Further, the board member stated that there have been various offenses committed against Philippine coins which includes melting the 25-centavo coin to be combined with other metal components that makes sinks more durable.
Months ago, BSP currency specialists reported that they together with NBI agents intercepted some 17.9 tons of P1 coins about to be shipped to Korea.
In an advisory of the BSP, the Philippine coin should be used for its purpose and should be handled with respect.
"Apart from or more than its being a metal used to buy our daily needs, it also represents our country and what we have experienced as a people," Maambong said. – Garry B. Lao/BRP (THE FREEMAN)