Cops Arrest Group Turning P10 Coins into Rings
The police authorities arrested a group of individuals who were turning P10 coins into rings during an operation in Siquijor.
On Monday (January 6, 2025), five individuals were arrested in Paliton Beach, San Juan, Siquijor, for allegedly creating and selling jewelry rings made from P10 coins. Operatives from the Bangko Sentral ng Pilipinas (BSP) and local police conducted the operation, targeting the group for defacing legal tender.
The P10 coin is made up of two components: an aluminum bronze inner core and a copper-nickel outer layer. According to the BSP, the group would dismantle these coins and use the inner core to craft rings, which they sold for as much as P1,500 each.
BSP officials shared that they managed to uncover the illegal operation through several test buys. The group primarily targeted foreigners as buyers, offering these handmade rings as unique souvenirs.
The group claimed they could produce 20 to 30 rings in a single day, with each ring taking just 40 minutes to make.
“Sabi nila in one day nakakagawa sila ng 20 to 30 jewelry rings out of dun sa P10 coin na ito. Sisirain nila ito, tatanggalin nila yung inner core and then gagawa sila ng ring sa inner core na iyon,” BSP-Payments and Currency Investigation Group senior investigation officer Mark Fajardo said.
By their calculations, the group earned nearly P50,000 daily from this illegal activity. It was also discovered that the suspects were visitors to the area, not locals.
The individuals now face charges for violating Presidential Decree 247, which prohibits the defacement or destruction of coins and other legal tender in the Philippines. The BSP reminded the public that coins in circulation remain the property of the Republic of the Philippines and must be handled with care, as producing them is costly.
The arrested suspects are currently in the custody of the San Juan Municipal Police Station in Siquijor, awaiting legal proceedings for their actions.
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