A Filipino man saved up to PHP400,000 by putting all his five-peso and ten-peso coins in a tank. Photo: iStock

A Filipino man managed to save up 400,000 pesos in coins (US$7,737) by putting all his five- and ten-peso coins in a 1.5-meter-tall metal water tank.

A report by GMA News on Wednesday showed a video of a man cutting off the top of a cylindrical metal tank with an electric grinder, causing thousands of coins to spilled out. The man was later identified as Jun Lacap, who had used the tank to save his coins.

After counting all of the coins, Lacap found he had saved around 400,000 pesos. However, he did not mention how long it took him to save the money. Lacap said he used a tank as a coin bank so that he was unable to touch the money until he filled the tank and cut it open, and because it could not be easily stolen.

Lacap said he wants to employ the same method again, this time using an even bigger tank to save more money. He said he wants to use the money he saves to open up his own gym business. He said it will take him around three to four years to fill up another tank with coins.

However, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) discourages this method of saving. Grace Malic, deputy director of the Currency Issue and Integrity Office said that, although there was no law against it, saving a large amount of coins can have a detrimental effect on coin circulation.

Malic advises Filipinos to save their money in small coin banks instead, and to deposit their contents in a bank account once they are full.

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