Pangasinan cited for implementation of BSP’s coin program
THE ONLY OUTSTANDING LGU
Lingayen—Pangasinan bagged another outstanding citation from the Banko Sentral ng Pilipinas (BSP). This time for being the only local government unit in the country that successfully implemented the currency program dubbed, Coin Recirculation program.
Governor Amado T. Espino, Jr. expressed elation over the province’s recent award and thanked all provincial government offices and hospitals, LGUs, and non-government associations and organizations for their support that led to the success of the currency program of the BSP.
Earlier, the provincial government cited as the most outstanding local government unit (LGU) in the promotion of small and medium enterprises through the BSP’s Credit Surety Fund (CSF) program.
The governor said the CSF award, presented for two consecutive years, manifests the provincial government’s serious intention to eradicate poverty in the grassroots and empower households in the community to become more productive while the currency award proves the strong unity of Pangasinenses that led to the successful implementation of the currency program.
In 2013, the provincial government collaborated with the BSP for the implementation of the currency program through the ‘Coins for Three’ activity. Under the program, for every fifty (50) pieces of each denominations (1,5, 10 and 25 centavos) that an individual surrenders, he or she, is entitled to receive certificate of participation, fruit-bearing tree and the face value of coins submitted.
BSP’s Coin Recirculation program was launched on March 2005 to address problems arising from the circulation of Philippine currency.
The program is aimed to address the perceived shortage of coins in some regions of the country, the indications that coins are not being recirculated effectively and the need for the BSP to produce more coins that would translate into significant costs. (PIO/RRB)
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