Piggy banks: Soon subject for Crime?

Do you like dropping your excess coins to a container? Yes, we would collect 10 pesos, 5 pesos, 1 peso and drop it into our treasure holder. Be it a simple mineral water bottle, Pringles can, a plastic pig shaped coin bank, a cylinder with your favorite wrapper to breakable porcelain coin banks, we drop our coins as we keep in mind to save and make its value bigger someday. How good it is in the ear, to hear less noise when you drop your coin meaning that you’ve saved adequately, and then the fun in counting appears after it was full. It was a feeling of achievement, murmuring “hey I’ve saved”. I can relate a trend in our office. We were six in our shift and a plan was formed to have our own coin banks to fill in every day. It was lined in our table, the covered milk cans, chocolate cans to cookies box (Fita). We all shared our excitement of filling it and our plans on where to spend it, then an office mate broke the news. Piggy banks are soon subject for Crime. What??? Recently, Senator Manuel Lapid filled a bill proposing an Anti-Coin Hoarding to help the Bangko Central ng Pilipinas (BSP) with coin shortage. It shall assist BSP’s Coin Recirculation Program (http://www.bsp.gov.ph/bspnotes/coin.asp). Although its effects are still yet to come, we may have to consider its details first before any judgment.   Anti Coin Hoarding Bill filled by Sen. Manuel Lapid Proposition: To penalize the following actions as it can be a threat to the coin circulation which may lead to coin shortage. 1.) Melting down coins (http://www.philstar.com/Article.aspx?articleid=463953) 2.) Keeping of coins on personal Coin banks 3.) Commercial uses such as Automatic water machines, Video games machines, Illegal Numbers games.   Implementation and Restriction: The proposition extends to the following restrictions applicable for personal and commercial penalty. ) Coin collection is still allowed, however BSP can demand for people to turn in their coins within a month of declaring coin shortage. Allowing the government to confiscate the coins for its own use. ) BSP may determine if any business has coins beyond the legal requirement of the business, then it will be determined if Hoarding or not. ) In case of coin shortage, all businesses are required to do transactions in coins, failure to do so is coin hoarding. Penalty: Any one proven guilty of Coin hoarding is subject for: ) 1 year in prison and a fine of 100,000 for every 1000 pieces of coins hoarded. Well, it’s just a brief introduction of the proposed bill. I have read many articles, concerning this that I think is way too subjective for the topic, even personally mocking the author. Let me help you with your decision whether this bill is passable or not by reading my next article Your Peso’s worth. Think. Analyze. Refer. Be a responsible reader :) Sources: http://ph.news.yahoo.com/coin-collecting-soon-a-crime-.html http://www.philstar.com/Article.aspx?articleid=463953 http://prudentinvestornewsletters.blogspot.com/2012/05/philippines-moves-to-ban-coin.html

Mark Hugh Neri

Looking for financial planning workshop or for life and/or health insurance with investment options? Got questions related to personal finance? Feel free to message me at Money Gizmo (see link below)

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