- The Bangko Sentral ng Pilipinas recently announced that they will replace the P20 bill with a coin version starting this December.
- They will also issue a new design for the P5 coin to avoid confusion with the P1 coin.
- The BSP will stop the production of the old P20 bill and P5 coin, but clarified that there will be no demonetization of the current ones in circulation.
MANILA, Philippines –The Bangko Sentral ng Pilipinas (BSP) is set to release in December a new P5 coin to clear out confusion with the P1 coin in circulation.
BSP Monetary Board Member Bruce Tolentino announced this week that in the same period, the BSP will also release the new P20 coins which will replace the P20 bill.
With P20 bills being the most circulated bills in the Philippines, coming in a form of a coin will entail cheaper costs in the long run as paper bills have to be replaced after six months, BSP Governor Benjamin Diokno added.
The new P20 coin will still have the face of the late President Manuel Quezon, Diokno said.
Meanwhile, the new P5 coin will have a new design, which will include a wave edge, according to Tolentino.
Tolentino said the new P5 coin will have a new design, which will include a wave edge.
“This (new P5 coin) will be the solution as there are many complaints that the P5 coin is being mistaken for P1,” Tolentino said.
“Pretty soon, there will be no more confusion between the P1 and P5, which will have a wave design on its edge,” he added.
Tolentino noted that there will be no demonetization of the P5 coin and P20 bill, which are already in circulation. However, the BSP will stop the production and will collect the P5 coin and P20 bill from circulation.
The current Philippine coin currencies include 1 centavo, 5 centavos, 10 centavos, 25 centavos, P1, P5, and P10 while the bills are P20, P50, P100, P200, P500, and P1,000. -Bworldonline/PNA