Is it legal to pay with coins in Philippines?

BSP Circular No. 537, issued in 2006, outlines the legal tender status of specific Philippine coins. This regulation specifies the denominations and maximum amounts that can be used as a means of payment.

According to the circular, 1-piso, 5-piso, and 10-piso coins are considered legal tender for transactions up to a maximum amount of PHP1,000.00. This means that these coins can be used to settle debts or make purchases without being rejected as a form of payment, provided the total value does not exceed the stated limit.

Additionally, the circular also recognizes smaller denominations, including 1-sentimo, 5-sentimo, 10-sentimo, and 25-sentimo coins, as legal tender. However, their usage is restricted to amounts not exceeding PHP100.00.

The purpose of this regulation is to maintain the integrity of the Philippine monetary system by ensuring that coins remain a viable and accepted form of payment. It also aims to prevent the proliferation of counterfeit coins and fraudulent transactions involving high-value notes.

As technology advances, the use of digital payments and cryptocurrencies is becoming increasingly popular. Nevertheless, the BSP Circular No. 537 still holds relevance in ensuring that traditional forms of payment, such as coins, remain a viable option for consumers and businesses alike.