The Dumaguete City branch of the Bangko Sentral ng Pilipinas (BSP) held a coin recirculation activity at City Hall, beginning on Monday and ending yesterday.

According to Economic and Financial Learning Center manager, Dr. Greg Baccay, the program was conducted in order for local residents to exchange coins for paper bills. He explained, since coins are more expensive to produce that paper bills, the BSP needs the public to keep coins in circulation.

Baccay noted, around 23 billion coins have been produced and released to the public, but not all of them are circulating.

A coin-counting machine was also made available to make the counting process more efficient; however, coins with defects, corrosion, or other types of damage were considered to be of no value.

Last month, Banko Sentral ng Pilipinas (BSP) Senior Research Specialist Randy Bolves, while speaking in Bacolod City, called on the public to trade in loose coins for paper bills, which, he noted, could be done through the local BSP Economics and Financial Learning Center Division.

Baccay also pointed out, such exchanges can be done at the BSP office in Dumaguete City./PLL, WDJ