THE BANGKO SENTRAL ng Pilipinas (BSP) has launched the coin version of the P20 denomination which has a longer life span compared to its bill counterpart.
Likewise, the central bank has also revealed the look of the enhanced P5 coin under the BSP’s New Generation Currency (NGC) Coin Series.
“BSP will be issuing a token quantity of about 500,000 pieces before Christmas and will issue in bulk the P20 coins starting the first quarter of next year…and these coins will coexist with the P20 banknotes until the supply in P20 banknotes last around 2021,” BSP Assistant Governor Dahlia D. Luna said in her speech at the launch of the coins held at the central bank on Monday.
Ms. Luna described the P20 coin as a “two-tone featuring brass-plated steel and nickel-plated core.” Meanwhile, the enhanced P5 coin will have a new 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,” Ms. Luna.
Meanwhile, BSP Governor Benjamin E. Diokno assured that having the P20 as part of the coin denominations will not mean depreciation of its value.
“Kasi ang P20 bill at P20 coin pareho lang ang purchasing value (Because the P20 bill and the P20 coin have the same purchasing value). There’s no such thing as depreciation,” he said at the briefing that followed the launching program.
Mr. Diokno also said digitization initiatives such as QR PH will likely end the transformation of other denominations from bills to coins.
“Most likely wala na kasi magkakaroon na tayo ng QR PH… ’Yun ang magre-replace ng everything. (Most likely there will be no more [transformation] because we will already have the QR PH. It will replace everything). We will be using that system,” he explained.
Same faces, only revamped for distinction
In his speech, Mr. Diokno said that President Manuel L. Quezon remains to be the face of the coin version of the P20.
“Prominently featured on the obverse of the P20 coin is Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language; created the National Economic Council, the precursor of the National Economic and Development Authority; and worked passionately to regain Philippine independence,” he said.
Meanwhile, the flip-side of the coin has the BSP logo, the Malacañan Palace, and the picture of nilad, which is believed to be the origin of the name of the capital city Manila.
“These design elements put emphasis on the cultural and historical significance of coins to Philippine society,” Mr. Diokno added.
Currencies produced by the BSP have featured prominent figures related to the country’s history. In addition to this, the BSP’s NGC also consistently included a native flora in the bills and coins.
Mr. Diokno added that the BSP was recognized for Excellency in the Currency 2019 Coin Awards at the biennial Coin Conference held in Rome, Italy last October. — Luz Wendy T. Noble