Users' questions

Are coins legal tender in the Philippines?

Are coins legal tender in the Philippines?

537 Series of 2006 issued by the Bangko Sentral ng Pilipinas (BSP), payment, particularly in the form of coins, shall be “legal tender” or must be accepted for as long as it does not exceed a certain limit. For P1 to P5 denominations, they must not exceed P1,000 while 1, 5, 10 or 25 cents must not exceed P100 in total.

What are the legal tender in the Philippines?

All coin and currency, including Central Bank notes, heretofore and hereafter issued and declared by the Government of the Philippines shall be legal tender for all debts, public and private.” Section 2. This Act shall take effect upon its approval.

Is commemorative notes legal tender?

Commemorative coins and notes are legal tender, according to the BSP. Take the 2008 P100 bill with a marking to commemorate the University of the Philippines centennial. The BSP said 10 million pieces were printed, including overprints.

What is the legal tender amount in the Philippines?

Philippine currency notes have no limit to their legal tender power. However, in the case of coins in denomination of 1-, 5- and 10-Piso they shall be legal tender in amounts not exceeding PHP1,000.00 while coins in denomination of 1-, 5- and 10- and 25-Sentimo shall be legal tender in amounts not exceeding PHP100.

Is the BSP Coin legal tender in the Philippines?

While coins issued by BSP shall be fully guaranteed by the government and shall be legal tender for all debts, both public and private, they have legal tender power only for the following amounts: One peso coins and coins of higher peso value are legal tender for obligations not exceeding P 1,000.

What is the legal tender value of one peso?

One peso coins and coins of higher peso value are legal tender for obligations not exceeding P 1,000. What about notes? Is there limitation on their legal tender power? None. Notes, regardless of denomination, are legal tender for any amount of obligation.

What is the law on currency in the Philippines?

PROHIBITING AND PENALIZING DEFACEMENT, MUTILATION, TEARING, BURNING OR DESTRUCTION OF CENTRAL BANK NOTES AND COINS. 1. That it shall be unlawful for any person to willfully deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the Central Bank of the Philippines; and