The Bangko Sentral Ng Pilipinas (BSP) aims to alleviate the effects of artificial coin shortage in the country as coins are not being recirculated or used regularly by the public because they are kept inside drawers, coin purses, piggy banks and other storages.
BSP La Union Regional Office I (BSP-LURO) launched a project entitled “Barya Pangkawanggawa Cointest” which is a joint Coin Recirculation Project between BSP LURO, Baguio Benguet Bankers’ Association (BBBA), La Union Bankers Association, Inc. (LUBA) and La Union Chamber of Rural Banks (LUCRUB). LUCRUB is headed by Rang-ay Bank Vice President for Operation Ives Jesus Nisce II. The officers and members of each participating bank will devise their own strategy to bring-out low-denominated coins (1-piso, 25-sentimo, 10-sentimo, 5-sentimo, 1-sentimo).
The amount collected at the end of the project will be turned over to the respective bankers association for a community project. In 2015, Rang-ay Bank Head Office gathered the most coin donations. The money collected was in turn donated to Canaoay, San Fernando, La Union Elementary School in the form of chairs and school items for the Canaoay Public School Library. The project will run from September 1, 2017 to November 30, 2017.