ILOILO City – New P20 coins and the enhanced version of the P5 coin are now circulating in this city and Iloilo province.
“Bangko Sentral ng Pilipinas (BSP) is committed to not only uphold the highest standard of excellence but to also listen to the public’s observations,” according to Joanne Marie Castelo, deputy director of BSP-Iloilo.
BSP decided to enhance the P5 coin’s features following reports that many people confused it with the P10 coin.
It actually launched the coins in December 2019 yet but BSP-Iloilo was able to receive a limited number only in January, according to Castelo.
“Maybe (by March) it will be circulated more and mangin full blast within this year,” said Castelo last week.
The enhanced P5 coin has nine sides to help people easily differentiate it from other coins.
It has a diameter of 25.0mm. It weighs 7.40 grams and is made of steel with nickel plating.
The enhanced P5 coin features the embossed text “Republika ng Pilipinas”, year mark 2019, portrait of hero Andres Bonifacio, de-bossed denominational value of P5, tayabak tree, BSP logo, and microtext of BSP.
On the other hand, the P20 coin is two-toned.
As the highest denomination among the new generation coin (NGC) series of the BSP, it still has the major elements of its banknote version, such as the features of President Manuel L. Quezon on one side, and the BSP logo and Malacañang Palace on the other side.
The new P20 coin has a diameter of 30 mm and weighs 11.50 grams. It also features the nilad flower.
Why launch a P20 coin?
According to Castelo, a study of the University of the Philippines showed the P20 banknote (paper bill) to be the most used denomination for cash transactions across the country, thus the “bill is easily rendered unfit for circulation.”
“A coin instead of a banknote is more cost-efficient in terms of currency production in the long run, said Castelo.
Although the production cost of coins is higher, coins can last in circulation much longer than paper bills, she explained.
It costs P2 to produce a single bill but bills only last for an average of six months, Castelo revealed.
On the other hand, though producing a single coin P10, coins last for 10 to 15 years./PN
