Why do we have to change our Philippine coins 2018? Many Filipinos were furious about the new coins of the Philippines. The coins look the same and are hard to distinguish from one another because they all have the same colors. Rather than get angry at our Banko Sentral ng Pilipinas, we should blame other countries for this change.
According to the business inquirer's news report dated March 28, 2018, the new coins were introduced to stop "nickel extraction" of our coins. Foreign countries buy our one (1) peso coin for Php2 to Php3 and these foreigners will transfer our One(1) peso coins to get the nickel content of our coins. Instead of going to the mines to get nickel, the foreigners are harvesting our coins to extract its nickel and other mineral contents. Our one peso coin has 24% nickel per coin.
Nickels are the key component of stainless steels since they do not corrode. The practice of melting our coin destroys the Philippine Economy. Not only do these foreigners stop the circulation of peso in our country, it also kills our nickel export. The Philippine is rich in nickel and we sell nickel to other countries. The taxes and income we earn from selling these nickels generate job, food, shelter, and clothing for Filipinos.
Our One (1) peso coin is important because shortage of coins in the Philippines will force the government to produce new coins amounting to Php2 per coin. Imagine the government spending Php2 Million Pesos just so they could produce Php1 Million coins. The extra Php1 Million could have been used to generate job for the Filipino People.
The foreign countries are illegally getting our coins and they melt them. They sell the extracted nickels to other countries even to the Philippines and they generate fat income. The Philippines, however, are taxing the people so they could produce more coins to stop the shortage of coins. This cycle continues to exist, the Filipinos are the ones working hard but they are the ones losing.
To stop this oppression to Filipino people, the government decided to change the mineral content of our coins. From now on, our coins will be made out of steel with nickel plating. The nickel content of all coins will be reduced significantly. As a result, foreign countries will stop melting our coins.
Filipinos, you must be glad for the new coins because this will benefit our over all economy.
Sources:
http://business.inquirer.net/248350/new-coins-stop-nickel-extraction#ixzz5GUqzox7J New coins to stop ‘nickel extraction’ by Daxim Lucas posted March 28, 201
https://www.pinoymoneytalk.com/coin-circulation-problem/ by Pinoymoneytalk posted January 06, 2014
According to the business inquirer's news report dated March 28, 2018, the new coins were introduced to stop "nickel extraction" of our coins. Foreign countries buy our one (1) peso coin for Php2 to Php3 and these foreigners will transfer our One(1) peso coins to get the nickel content of our coins. Instead of going to the mines to get nickel, the foreigners are harvesting our coins to extract its nickel and other mineral contents. Our one peso coin has 24% nickel per coin.
Nickels are the key component of stainless steels since they do not corrode. The practice of melting our coin destroys the Philippine Economy. Not only do these foreigners stop the circulation of peso in our country, it also kills our nickel export. The Philippine is rich in nickel and we sell nickel to other countries. The taxes and income we earn from selling these nickels generate job, food, shelter, and clothing for Filipinos.
Our One (1) peso coin is important because shortage of coins in the Philippines will force the government to produce new coins amounting to Php2 per coin. Imagine the government spending Php2 Million Pesos just so they could produce Php1 Million coins. The extra Php1 Million could have been used to generate job for the Filipino People.
The foreign countries are illegally getting our coins and they melt them. They sell the extracted nickels to other countries even to the Philippines and they generate fat income. The Philippines, however, are taxing the people so they could produce more coins to stop the shortage of coins. This cycle continues to exist, the Filipinos are the ones working hard but they are the ones losing.
To stop this oppression to Filipino people, the government decided to change the mineral content of our coins. From now on, our coins will be made out of steel with nickel plating. The nickel content of all coins will be reduced significantly. As a result, foreign countries will stop melting our coins.
Filipinos, you must be glad for the new coins because this will benefit our over all economy.
Sources:
http://business.inquirer.net/248350/new-coins-stop-nickel-extraction#ixzz5GUqzox7J New coins to stop ‘nickel extraction’ by Daxim Lucas posted March 28, 201
https://www.pinoymoneytalk.com/coin-circulation-problem/ by Pinoymoneytalk posted January 06, 2014
