MANILA – The Bangko Sentral ng Pilipinas (BSP) has assured the public that an extensive and in-depth deliberation will be done regarding the proposed production of PHP20 coins.
In a statement, the BSP said “a total systems study on the currency cycle” in the central bank was conducted recently by a team from the University of the Philippines (UP).
“One of the recommendations is the replacement of the 20-Piso banknote with coin as it is the most used denomination for small-value transactions, causing it to be easily unfit and returned to the BSP for replacement,” it said.
The BSP said that on the back of this recommendation, the central bank will ensure that the coins they will mint will be studied carefully.
“As with previous currency issuances and enhancements, the design, security features and specifications of the 20-Piso coin shall be a result of an extensive and in-depth deliberation by the BSP’s Committee on Currency Design and Enhancements,” it said.
“The Committee’s proposal shall be submitted to the Monetary Board and then recommended for final approval of the President of the Philippines,” it added.