MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday released the new P20 coin that would gradually replace the P20 New Generation Currency (NGC) banknotes.
In a statement, the BSP said the new P20 coin retains major elements of the P20 banknote, which features the first president of the Philippine Commonwealth Manuel L. Quezon on the front side, the BSP logo and the Malacañang Palace on the reverse side.
It also features the country’s native flora Nilad, which is believed to have been the origin of the name of the country’s capital Manila.
The new coin also has bi-color, which the central bank said, would make it easily distinguishable from other coins in the NGC coin series.
The BSP also said that the coin in highly secure, as it has microprints and an identifiable edge to deter counterfeiting.
“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 BSP said.
Citing a study by the University of the Philippines, the central bank explained that the P20 banknote is the most-used denomination for payment so it is easily rendered unfit for circulation and returned to the BSP for replacement.
Replacing the banknote is more “cost-efficient” since it will have a longer circulation life, the BSP said. Producing a P20 bill, which lasts for 6 months, costs P2 while a P20 coin that could last for 10 years costs P10.
The BSP also launched today an enhanced P5 coin, which now features nine sides to make it more distinct from other denominations in the NGC coin series.
The 5-peso coin also retains the image of Filipino hero Andres Bonifacio on the reverse side, as well as the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas,” the BSP said.
The P20 coin is now the highest denomination in the NGC Coin Series launched in 2018. It will be released in circulation in 2020.
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