SOURCE: Press and Public Affairs Bureau
The House of Representatives has approved on 3rd reading the bill declaring the hoarding of coins as a crime and imposing stiff penalties for such act.
Under House Bill 4411 authored by Rep. Sonny Collantes (3rd District, Batangas), violators face eight years imprisonment and a fine of not more than P300,000.
Collantes, chair of the House Committee on Banks and Financial Intermediaries, said if the offender is a corporation, partnership, association or any juridical person, the penalty shall be imposed upon its responsible officers.
Not covered by the bill are charitable institutions, private banks, financial institutions and agencies of the government, Collantes said.
Collantes said the Bangko Sentral ng Pilipinas (BSP) may also exempt persons engaged in retail business but these shall not allowed to keep such coins beyond the reasonable needs of the business based on its average daily gross sales.
The bill mandates the BSP to formulate the implementing rules and regulations and shall determine the aggregate value, number of pieces and weight, which would constitute as hoarding of legal tender coins.
Separate sets of aggregate amounts shall be determined for persons engaged in a business and for persons nor engaged in a business.
The BSP is also empowered to review and change the aggregate amounts every three years on the prevailing value, supply and demand of legal tender coins.
Collantes said hoarded coins should be confiscated and forfeited in favor of the government.
The co-authors of the bill are Reps. Jerry Treñas (Lone District, Iloilo City), Henry Oaminal (2nd District, Misamis Occidental), Terry Ridon (Partylist, Kabataan), Julieta Cortuna (Partylist, A Teacher), Ferdinand Hernandez (2nd District, South Cotabato) and Jorge Almonte (1st District, Misamis Occidental).