The Bangko Sentral ng Pilipinas (BSP) announced the new designs of P5 and P20 will be disseminated early next year after the unveiling this December.
According to the BSP, the new P5 of the New Generation Currency (NGC) Coin Series will be more distinct from other denominations.
This was another recall from the lawmakers as consumers have been rambling for being confused with its similarity with the P1 coin.
Despite the clarification of the BSP that P5 coins are thicker and heavier than the P1 coins, the redesigning of the coin was still pushed.
The changes with the design, according to the BSP, were based on the studies on the design, security features, and specifications of the new coin.
BSP Governor Benjamin Diokno is said to be presenting the new coins in the launch.
The P20 coin
Based on the study by the University of the Philippines, it was revealed that the P20 banknote is the most-used denomination for payments around the country.
Findings also showed that P20 bills are easily issued unfit for circulation. Because of this, the specific bill returned to the BSP for replacement.
“As such, the issuance of a coin in lieu of a banknote is more cost efficient in terms of currency production in the long run,” the BSP said.
Therefore, BSP said the P20 banknote will be the latest addition to the NGC Coin Series.
They assure the public that the design and features of the new coin is easily distinguishable among the other denominations in the NGC Coin Series.
However, P20 coin will co-exist with the P20 bill as legal tender for the meantime. But, BSP said the P20 banknote will gradually out of the scene through natural attrition.
“The lifespan of a coin when re-circulated is more than 10 to 15 years compared to banknotes, which is less than one year,” BSP Assistant Governor Dahlia Luna said.