Thursday, August 28, 2014

Pangasinan: The country’s only outstanding LGU to implement BSP’s coin recirculation program

Lingayen- - - Pangasinan bagged another outstanding feats from the Banko Sentral ng Pilipinas (BSP) after previously cited as 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 on the province’s recent award as he thanked all provincial government offices and hospitals, LGUs, and non-government associations and organizations for their support which led to the success of the currency program of the BSP.
Earlier, the provincial government was again 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 CSF award which came in two consecutive years, according to the governor, 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 which led to the successful implementation of the currency program.
In 2013, the provincial government has collaborated with the BSP for the implementation of the currency program through the ‘Coins for Three’ activity. This means that 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 created on March 2005 by the Currency Management Committee (CuMC) to address problems arising from the circulation of Philippine currency.
The program is aimed to address the following concerns: 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 which would translate into significant costs.
Aside from Pangasinan, other awardees include Lucena Bankers Association (Region IV-A), Department of Education of Oriental Mindoro Division (Region IV-B), Skills Enhancement and Learning Center (Region VI), Bank of the Philippine Islands (Region VII), Zamboanga City Bankers and Financiers Association (Region IX), and Land bank of the Philippines (Region XII).

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