Philippines blames coin crunch on churches & gambling

CollectionPlateWhat’s the missing link between churches and gambling? In the Philippines, it’s more than just bingo. Catholic churches and players of a local form of gambling known as jueteng have raised the ire of the central bank’s deputy governor, who blames them for keeping the country’s coins out of circulation.

This isn’t the first time that religious establishments have been accused of hoarding the money they collect. Three years back, drums of coins were found in church basements, presumably because church officials wanted to be prepared if the Pope popped by unannounced and his motorcade needed something to put in the parking meters. Yeah, that’s it… Read more.