House passes bill penalizing hoarding of coins

The House of Representatives has approved on 3
rd
reading the bill declaring the
hoarding of coins as a crime and imposing stiff penalties for such act.
Under House Bill 4411 authored by Rep. Sonny ollantes !3
rd
"istrict# Batangas$#
violators face eight years imprisonment and a fine of not more than %3&&#&&&.
ollantes# chair of the House ommittee on Ban's and (inancial )ntermediaries#
said if the offender is a corporation# partnership# association or any *uridical person# the
penalty shall be imposed upon its responsible officers.
+ot covered by the bill are charitable institutions# private ban's# financial
institutions and agencies of the government# ollantes said.
ollantes said the Bangko Sentral ng Pilipinas !BS%$ may also e,empt persons
engaged in retail business but these shall not allo-ed to 'eep such coins beyond the
reasonable needs of the business based on its average daily gross sales.
The bill mandates the BS% to formulate the implementing rules and regulations and
shall determine the aggregate value# number of pieces and -eight# -hich -ould constitute
as hoarding of legal tender coins.
Separate sets of aggregate amounts shall be determined for persons engaged in a
business and for persons nor engaged in a business.
The BS% is also empo-ered to revie- and change the aggregate amounts every
three years on the prevailing value# supply and demand of legal tender coins.
ollantes said hoarded coins should be confiscated and forfeited in favor of the
government.
The co.authors of the bill are Reps. /erry Tre0as !1one "istrict# )loilo ity$# Henry
2aminal !3
nd
"istrict# 4isamis 2ccidental$# Terry Ridon !%artylist# 5abataan$# /ulieta
ortuna !%artylist# 6 Teacher$# (erdinand Hernande7 !3
nd
"istrict# South otabato$ and
/orge 6lmonte !1
st
"istrict# 4isamis 2ccidental$. !3&$ mrs
NR # 3500
JUNE 17, 2014

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