- January 30, 2012
In an effort to promote the efficient use of coins in daily transactions, Resolution SP-5418, S-2012 was enacted in Quezon City. This resolution encourages consumers and business enterprises to actively participate in the Coin Recirculation Program of the Bangko Sentral ng Pilipinas (BSP). By supporting this initiative, local businesses and residents can help maintain a balanced supply of coins, preventing shortages and ensuring smoother financial transactions.
Objective of the Resolution
The primary goal of Resolution SP-5418, S-2012 is to raise awareness about the importance of coin recirculation. Many businesses and individuals tend to hoard coins or fail to return them into circulation, leading to an artificial shortage. This resolution aims to:
- Educate the public on the necessity of coin recirculation.
- Encourage businesses to accept and dispense coins actively.
- Support the BSP’s broader financial stability initiatives.
Key Provisions of Resolution SP-5418, S-2012
- Public Awareness Campaigns: The resolution mandates information drives to educate the public on the benefits of coin recirculation.
- Business Compliance: Business establishments are urged to accept exact change and provide coins when giving change to customers.
- Government Involvement: Local government agencies are encouraged to collaborate with the BSP in promoting the program.
- Incentives for Participation: Potential rewards and recognition may be given to businesses that actively support coin recirculation efforts.
Expected Impact of the Resolution
Implementing Resolution SP-5418, S-2012 is expected to yield several benefits for Quezon City’s economy:
- Reduced Coin Shortages: Ensuring a steady circulation of coins prevents financial disruptions in small transactions.
- Improved Business Operations: Businesses will experience smoother transactions and reduced complaints related to lack of change.
- Enhanced Public Awareness: Increased understanding of the importance of coin usage fosters a culture of responsible financial practices.
- Stronger Financial System: Supporting the BSP’s initiatives contributes to a more stable and efficient monetary system.
Conclusion
Resolution SP-5418, S-2012 underscores the significance of coin recirculation in maintaining a healthy financial system in Quezon City. By encouraging consumers and businesses to participate in this program, the resolution helps prevent coin shortages and ensures smoother economic transactions. Allan S. Reyes and other proponents of this resolution continue to advocate for responsible financial practices that benefit the entire community.
For more details, visit:
Quezon City Council Website
allanreyes.ph
