#BSP Releases New 20-Piso and Enhanced 5-Piso CoinsThe use of the 20-Piso coin—which is now the highest denomination in the NGC Coin Series launched in 2018—is more cost-efficient to produce as it will have a longer circulation life than a 20-piso #banknote. According to a study by the University of the Philippines, the 20-Piso banknote is the most-used denomination for payments across the country. As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement.The new 20-Piso NGC coin shall co-exist as legal tender with the currently-circulating 20-Piso NGC banknote, which will be removed from circulation through natural attrition.The new coin retains major elements of the 20-piso banknote. The coin’s front side features Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language, created the National Economic Council, and worked ardently for Philippine independence.Its reverse side shows the BSP logo and the Malacañan Palace, the official residence of the Philippine President. Manuel L. Quezon was the first Philippine president to occupy it in his term.Consistent with the NGC #Coin Series which highlights native flora, the 20-Piso coin showcases the Nilad, the plant from which the name of the country’s capital, Manila, is believed to have originated. Likewise, the Nilad’s star-shaped flowers were said to be once clustered in abundance along the banks of the Pasig River where the Malacañan Palace is situated.The bi-color 20-Piso NGC coin is easily distinguishable from other coins in the series. It is also highly secure, as it has microprints and an identifiable edge to deter counterfeiting.The BSP also released today the enhanced 5-Piso NGC coin with nine sides to make it more distinct from other denominations in the NGC Coin Series.The 5-piso coin also retains the design elements of the round NGC coin, with Andres Bonifacio, the father of the Katipunan, on the front side and the Tayabak plant, on the reverse. It also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas.”The design of the country’s newest coins is approved by the President of the Philippines. The BSP enjoins the public to properly use and recirculate our Philippine coins for their economic and cultural value.http://www.bsp.gov.ph/publications/media.asp?id=5238
Posted by Bangko Sentral ng Pilipinas on Monday, December 16, 2019
MANILA — Philippines’ most-used currency denomination, PHP20, now has its coin version and the existing PHP20 bills are estimated to be out of circulation by 2021.
In a briefing Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said minting the coin is cost-effective than printing the bill since the former lasts for about 10 to 15 years compared to the about six-month life span of the paper bill.
He said production cost for the bill is about PHP2 apiece while it is PHP10 per piece for the coin.
The two-toned PHP20 coin, which is now the highest denomination among the new generation coin (NGC) series, still have the major elements of its banknote version, such as the features of Manuel L. Quezon, the Philippine commonwealth’s first president on one side, and the BSP logo and the Malacanang Palace, at the other side.
Also launched during the event is the enhanced PHP5 coin, which now has nine sides that will help people easily differentiate it among the NGC coins.
During the same briefing, BSP Senior Assistant Governor Dahlia Luna said the central bank will be issuing “token quantity” of about 500,000 PHP5 coins before December 25, 2019, while bulk will be issued starting in the first quarter of 2020.
“And these coins will co-exist with the PHP20 banknotes until the supply of PHP20 banknotes last around 2021,” she said.
Luna said the PHP20 coin features a brass-plated steel ring and a nickel-plated core while the PHP5 coin retains the nickel-plated steel composition with enhanced shape having nine sides.
“Essentially, these design enhancements in the currency will further promote the ease of recognition by the public and at the same time maintaining the highly secure and durable characteristics of the coins in the NGC series,” she added.
These measures are among the reasons why the Philippines is among the best in the world in terms of currency production, processing, management and distribution, Diokno said.
He added that coins “play a significant role in a nation’s history” since it pays homage to accomplishments of Filipinos, as well as the historical sites and natural wonders.