Thu, 02 Apr 2020

BSP issues new coin, enhances P5-coin

Philippine Information Agency
27 Feb 2020, 22:38 GMT+10

ILOILO CITY, Feb. 27 (PIA6) - - The Bangko Sentral ng Pilipinas (BSP) has issued a new 20-Piso coin, the highest denomination in its New Generation Currency (NGC) Coin Series, and enhanced the round 5-Piso coin which has now nine sides.

BSP-Iloilo Branch Deputy Director Joanne Marie G. Castelo said the enhancement in the 5-Piso coin was made to make the design more distinct from the other NGC Coin Series.

However, the enhanced 5-Piso coin still maintains its plain coin edge and retains its design elements such as the image of the country's hero, Andres Bonifacio, on the front side and the BSP logo and tayabak, a native flora on the reverse side.

NGC Coin Series comprises seven denominations that include 1-Sentimo, 5-Sentimo, 25-Sentimo, 1-Piso, 5-Piso, 10-Piso and the newly issued P20-Piso coin.

Castelo said the new 20-Piso coin replaced the 20-Piso banknote, the most-used denomination for cash transactions across the country and is easily rendered unfit for circulation, thus, prompting the need to be returned to BSP for replacement.

She said that the issuance of the coin instead of a banknote is also more cost-efficient in terms of currency production in the long run.

"Although the production cost of a coin is greater, coins can last in circulation much longer than bills", said Castelo in a press conference held, Feb. 27, at BSP - Iloilo Seminar Room here.

Castelo said it costs P2 pesos to produce a single bill which last for 6 months while producing a single coin costs P10 but lasts for 10 - 15 years.

Thirty millimeters in diameter and weighs 11.50 grams, the new 20-Piso features the portrait of former President Manuel L. Quezon on the obverse side and the BSP logo, Malacanan Palace and the Nilad plant in the reverse.

Castelo said the new 20-Piso NGC coin and the enhanced 5-Piso NGC coins will co-exist with the 20-Piso NGC banknote and the round 5-Piso coin as legal tender. However, the bill and the round coin shall be gradually removed from circulation through natural attrition.

The issuance of the coins, according to Castelo, reaffirms the BSP's commitment to not only uphold the highest standard of excellence but that it also listens to the public's sentiment. Also, BSP endeavors to bring central banking closer to the people. (JSC/LAF/PIA6-Iloilo)

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