The Bangko Sentral ng Pilipinas (BSP) has revealed the new versions of Philippine coins, including the fresh P20 coin on Tuesday.
In the first quarter of 2020, the BSP will roll out the new coins for circulation.
The new P20 coin will be the biggest in size which has gold-colored outer ring and a silver core.
It still carries the face of the second President of the Philippines Manuel Quezon, who led the country during the American occupation from 1925 until 1944. On the opposite side, it has the BSP logo, the nilad flower, and the facade of Malacañang.
According to BSP Senior Assistant Governor for the Currency Management Sector Dahlia Luna, first 500 pieces of P20 coin will be released in time for Christmas—the traditional cash gift-giving or aguinaldo.
The release of the converted P20 bill was based on the study by the University of the Philippines, which recommended to change the paper to metal coins for durability.
Moreover, the P20 bill is currently the lowest denomination among banknotes. Luna said this banknote will be in circulation until 2021, and then will be removed to finally be replaced by the coins.
Improved P5 coin
Meanwhile, the BSP also revealed the updated version for the P5 coin to make it distinct from other values.
Luna said the new P5 coin has nine sides to make easier to distinguish, but remains its silver color. Two million pieces of the updated P5 coin will be released as early as Thursday.
Many criticized the New Generation Currency coin series in March 2018 as the coins look closely similar. Confusion has emerged, that is why the central bank also decided to enhance the look of the coins, specifically the P5 coin.