If saving money was one of your goals, but you haven’t actually brought yourself to doing so, then start with the simple money-saving challenges that are making rounds on social media.
After having gone viral on several social media platforms and blogs from the other side of the world, the challenge found its way to some of our homes. In fact, Filipinos have already put their own spin on it and have managed to overcome several challenges.
Recently, a Facebook user who goes by the name Joselito Edrosolano has gained fame after doing his own version of the money-saving or “ipon” challenge. He uploaded a video footage of how they brought out all the money kept inside a gigantic blue container.
It can be seen in the video how one guy started to open the container with the help of a grinding machine. Due to the heaviness of the container, several people have gathered to help get the coins out by using basins and eventually, they all toppled the container over where an overwhelming amount of coins poured out.
The money savings kept inside the enormous water container has reached an amount of nearly P500,000. According to reports, Joselito only started saving up P10 coins last January of this year which he got from their restaurant business, but look at how much they have saved up in just a span of 9 months! All the coins were packed and deposited to a bank.
The said post has gone viral and garnered different reactions from the netizens all across the country. Some were impressed, some were skeptical. Some even stated that it was too good to be true. However, no matter how impressive it may be, it is not suggested to keep such a high amount of coins as stated by law.
According to Anti-Hoarding of Philippine Legal Tender Coins Act of 2013, hoarding of coins of any denomination is causing an artificial shortage of small denominations of currency in the country, which is seen as the reason for the lack of small change in various establishments.
Violators may face eight years imprisonment and a fine of not more than P300,000. Hoarded coins should be confiscated and forfeited in favor of the government.