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Wednesday, December 10, 2008

Philippine centavo coins

You've seen them. They had gotten into your pockets. Yet, you haven't used them to pay for what you bought. They are the 5 and 10 centavo coins.

What's their use in the philippine monetary circulation?

You got hold of them when you purchased things which amounts to ***.95 in malls. The cashier wanted to give you the exact change. Sometimes we just don't mind those change. But have you imagine that stores can also get profits from those neglible amounts? If they accumulate,they will surely amount to something. Have you seen how many people make purchases in stores everyday? My professor once told us that if we can learn to hack banks' account system,we can really make big money even if we will just get Php 0.01 from every bank accounts they have in everyday basis. People will don't mind losing that amount if they see it in their account,right?

Once we got hold of these coins, have you ever tried using them to pay for your purchase. In my case i haven't. I just stock them in a drawer after i receive them. Even if you use them to pay for your discounted jeepney fare, the driver will just return them to you and give you an insulting smile. There are also instances where you can get the .05-.10 discount if a store doesn't use them and your due is ***.80 to .95.

There is these stores in my province who give candies instead of giving a .50 change. Why then they price their stuff with .50 excess if they are not gonna make a .50 change? Very opportunistic especially if you pay them in bills.

See,once you got them, you can't get rid of them unless you use it in stores which circulate them. So, if people just stock these coins then there is a loss in our fund. If many people do this,have we been wasting a something amount in our monetary fund if they were not able to circulate?


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