The Bangko Sentral ng Pilipnas (BSP) yesterday released the new P20 coin and the “enhanced” P5 coins with features that make it more distinct from other coins circulated under the BSP’s New Generation Currency (NGC) Coin Series.
Benjamin Diokno, BSP Governor, said this reaffirms “BSP’s commitment to not only uphold the highest standard of excellence, but also listen to the public’s observations as it endeavors to bring central banking closer to the people.”
Diokno said that the decision to release P20 coin was based on a study by the University of the Philippines that showed the 20-Piso banknote is the most-used denomination for payments across the country.
As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement.
Diokno explained the use of the 20-Piso coin—which is now the highest denomination in the NGC Coin Series launched in 2018—is more cost-efficient to produce as it will have a longer circulation life than a 20-piso banknote.Francisco Dakila, BSP Deputy Governor, said although minting a P20 coin is more expensive than printing a corresponding banknote, the lifespan of a coin is longer.
“It costs us P2 to produce the P20 banknote and that would usually last for only six months. Whereas the coin will cost us P10, but it will last for 10-15 years,” Dakila said.
The new 20-Piso NGC coin shall co-exist as legal tender with the currently-circulating 20-Piso NGC banknote, which will be removed from circulation through natural attrition.
Dakila said BSP estimates show the P20 banknote will be out of circulation by 2021.
The new coin is bi-color and retains major elements of the 20-Piso banknote.
The enhanced 5-Piso NGC coin, meanwhile, has 9 sides to make it more distinct from other denominations in the NGC Coin Series.
The P20 coin’s front side features Manuel Quezon, the first president of the Philippine Commonwealth.
Its reverse side shows the BSP logo and the Malacañan Palace, the official residence of the Philippine President. Quezon was the first Philippine president to occupy it in his term.
Consistent with the NGC Coin Series which highlights native flora, the 20-Piso coin showcases the Nilad, the plant from which the name of the country’s capital, Manila, is believed to have originated.
BSP said the bi-color 20-Piso NGC coin is easily distinguishable from other coins in the series. It is also highly secure, as it has microprints and an identifiable edge to deter counterfeiting.
The 5-piso coin also retains the design elements of the round NGC coin, with Andres Bonifacio, the father of the Katipunan, on the front side and the Tayabak plant, on the reverse.
It also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas.”
Diokno said the design of the country’s newest coins is approved by the President of the Philippines.
The new coins will be circulated before Christmas.