On the time that I had learned about this news, I wondered why they are doing such act. It is so time-consuming, effortful and there are a lot of problems here in Philippines that need to be addressed rather than garnering a Guinness World Record on the longest line of coins. But upon knowing the whole news, I was delighted. Yes I was delighted knowing that this move is somehow a solution to the coin shortage problem that our country is facing right now. Indeed we are facing coin shortage due to karaoke machines, video game machines, etc. Even those people who are fond of collecting/ keeping coins contributes to coin shortage too. Few months ago, SP Deputy Governor Diwa Guinigundo advised Filipinos to discharge their piggybanks and spend some coins to release them again to the public circulation.
As I have learned in my previous economics and finance classes, coin shortage indeed disrupts public circulation thus disrupting the financial system of a certain state. Therefore it truly affects the country’s economic system for the fact that money circulation is part of economic processes.
One of the recognized negative effects of this coin shortage in our country is that the government is most likely to spend more in producing new ones. Also the scenario of not having an exact change in our money transactions is also a negative effect.
Indeed, I salute the BSP and the other persons involved for the world record effort for the fact that it is not just a way to educate Filipinos about the coin recirculation thus promoting financial normal cycle but also a way to unite the Filipinos. I salute the effort also because it aims to address the classroom shortage which means that more classrooms - more educated Filipinos thus contributing to our country's economic growth on the long run.
