Legalities of Paying with Coins in the Philippines

Discover the legality of using coins for transactions in the Philippines, including limits and regulations.

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Yes, it is legal to pay with coins in the Philippines, but there are limits. According to the BSP (Bangko Sentral ng Pilipinas), you can use coins worth up to 1,000 PHP in any single transaction. This ensures practicality in commercial dealings while allowing for the use of coin currency.

FAQs & Answers

  1. What is the limit for paying with coins in the Philippines? You can use up to 1,000 PHP in coins for any single transaction.
  2. Are there any restrictions on using coins in businesses? Yes, businesses may decide to not accept coins beyond a certain limit set by the BSP.
  3. What is considered legal tender in the Philippines? Both coins and banknotes issued by the BSP are considered legal tender for settling transactions.
  4. Can I refuse to accept coins as payment? While coins are legal tender, merchants can set their acceptance policies regarding payment methods.

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