Proposal for Scrapping Lowly Coins Denied

Philippine current low denomination coins Scrapping coins whose values fall below one peso would be impractical for the Philippine government and unfair to consumers, a government official said on Thursday.The government will also be unable to switch to a purely paper currency system because paper “has a shorter lifespan," the official who refused to be identified told GMANews.TV.The official was prompted to issue this statement after Representative Roilo Golez filed a resolution urging the House Committee on Banks and Financial Intermediaries to conduct an inquiry regarding the “practicability of retiring and demonetizing the centavo as a Philippine...

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