MANILA – Bangko Sentral ng Pilipinas launched the new P20 coin and the enhanced version of the P5 coin.
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 coins last for about 10 to 15 years compared to the six-month life span of the paper bill version.
He said production cost for the bill is about P2 apiece while it is P10 per piece for the coin.
The two-toned P20 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 Malacañang Palace on the other side.
Also launched during the event is the enhanced P5 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 P5 coins before Dec. 25, while bulk will be issued starting in the first quarter of 2020.
“And these coins will co-exist with the P20 banknotes until the supply of P20 banknotes last around 2021,” she said.
Luna said the P20 coin features a brass-plated steel ring and a nickel-plated core while the P5 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 they pay homage to accomplishments of Filipinos, as well as the historical sites and natural wonders. (PNA)
