Filipinos can now use coins as payment up to P2,000 per transaction.
The Bangko Sentral ng Pilipinas (BSP) advised the public that it raised the legal tender of coins in compliance with BSP Circular No. 1162, Series of 2022.
This advisory was uploaded on BSP’s social media accounts on July 18.
“Itinaas ng Bangko Sentral ng Pilipinas (BSP) ang halaga ng mga baryang maaaring gamiting pambayad sa isang transaksyon (o legal tender limit) alinsunod sa BSP Circular No. 1162, Series of 2022,” the central bank said.
“Ito ay para mas mapalaganap ang pag-ikot ng barya sa sirkulasyon,” it added.
All denominations of coins in the Philippine currency are legal tender. This means they can be used to settle financial obligations and payments.
BSP, however, sets a limit to the number of coins that can be used per transaction.
Previously, denominations of cents in coins can be used for payment up to P100 only, while pesos in coins up to P1,000 only.
BSP uploaded an infographic that showed the guidelines about the update in policy for Philippine coin use.
Amid this change, BSP said that people could go over these limits in payments if both parties involved in the transaction agreed to it.
“Maaaring gamitin at tanggapin ang mga barya sa halagang mas mataas sa itinakdang limitasyon ng circular kapag ito ay napagkasunduan ng kapwa binabayaran at nagbabayad. Gamitin at tanggapin ang mga barya bilang pambayad sa mga transaksyon,” the institution said.
The Philippine coins currently in circulation are part of BSP’s old coin series and the New Generation Currency Series. This series was launched on March 26, 2018.