What do you think can our humble Piso and Sentimo do nowadays? Do they still have material value?
I asked my friends these questions and they all gave me a question instead of an answer – what question is that? Even Kulas, who I resurrected, gave me a wink and asked me “are you drinks? (translated as one too many drinks in short are you drunk?) Can you buy a small candy with your Piso or sentimo? They are only good for the church – pang simbahan na lang yan.”
They are probably right however, there are people who would say otherwise especially the two Taiwanese traders who were caught recently by NBI buying our coins, not in small quantity but tons of it.
What prompted these so-called traders to buy our Piso? Obviously, our Piso is money but that is not important to them. What is important to them is the metal that is inside called copper (CU) that would give them huge profit because they are very cheap and available everywhere in our country.
The circulating Phillipine Peso coins (25 cents, 1.00, 5.00 and 10.00 pesos ) are made up of 25% nickel and 75% copper.
Nowadays, copper is used in products such as electronics, structural engineering, household products, and a host of other things . The electrical wires, roofing materials and the integrated circuits of the computer you are using now have copper inside.
The data from world metals exchanges shows that copper prices are getting up. It has has risen to nearly $7,000 a tonne on the back of strong demand and worries over supply. The most recent price of copper (CU) from the LME (London Metal Exchange), Monday, 27 November 2006 is as follows:
Cash : $3.1928 per pound | 3-Month : $3.2114 per pound
Check here and here.
Our Piso, in case you do not know silently found a place in the U.A.E. and created a stir which unfortunately entered in Wikipedia as Fraud problem with 1 peso coin
By August 2006, it became publicly known that the 1 peso coin has the same size as 1 United Arab Emirates dirham. But 1 peso is only 7 fils (0.07 dirham) worth, leading to dispense machines frauds in the U.A.E..
As they always say in metals exchanges: “All metals are precious.” And so our Piso is!
To our humble Piso, bow.
Tags: myepinoy, Philippine peso coins, copper, copper futures market, LME, Pinoy, Pilipinas