My nieces would ignore the 1 Peso coin because it couldn’t buy them a candy. Ironically, it could send an SMS message. The high inflation rate, surge in oil prices, debt servicing and mismanaged Philippine economy are the reasons of the depreciation of the value of the Philippine peso (Php). No one would ever think that when melted, the 1 Peso coin has nickel and bronze that could be used for the production of electronic parts. Our peso has a value after all.
It was reported that the Presidential Anti Smuggling Group (PASG) was able to arrest the people behind the smuggling of Php 300 Million worth of Peso coins. The smugglers are planning to send the coins to Korea. The agency is also planning to investigate bank employees who they said are also involved in the smuggling.
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