Finance


BSP to issue ASEAN commemorative coin




Posted on January 27, 2017


THE CENTRAL BANK will release commemorative one-peso coins for circulation this year, ahead of the Philippines’ hosting of the Association of Southeast Asian Nations (ASEAN) meetings for 2017.

BW FILE PHOTO
In a statement, the Bangko Sentral ng Pilipinas (BSP) said they will produce 10 million pieces of the coin for general circulation, which will feature the ASEAN logo in time for the country’s chairmanship of the 10-member economic bloc.

The new design will carry the stylized logo made for the Philippines’ hosting of the ASEAN’s 50th year, adorned by 10 small stars to represent its member-states. On the reverse, the head shot of national hero Jose P. Rizal is replaced by a sketch of his monument, accompanied by the BSP logo and the names of ASEAN-member countries.

“[T]he coins, being legal tender, can easily reach the public and promote greater awareness of the ASEAN cooperation,” the central bank statement read.

The coin design was unveiled by President Rodrigo R. Duterte and BSP Governor Amando M. Tetangco, Jr. during the launch of the Philippines’ ASEAN chairmanship on Jan. 15 held in Davao City, the President’s hometown.

During the launch, Mr. Duterte said the nations will work to “strengthen the capacities” of micro, small and medium enterprises, promote and protect the welfare of migrant workers, and “ensure social protection for the vulnerable sectors of society.”

The Philippines’ chairmanship of the ASEAN Summit falls on the 50th anniversary of the regional bloc after the foreign ministers of Indonesia, Malaysia, the Philippines, Singapore and Thailand came together in August 1967.

The ASEAN has since expanded to include Vietnam, Brunei Darussalam, Cambodia, Laos, and Myanmar.

The Philippines last hosted the said summit 10 years ago in Cebu.

In 2015, the BSP released special coins in time for the 150th birth anniversary of soldier Gen. Miguel C. Malvar and the visit of Pope Francis in January. Special coins were also released in 2013 for the 150th birth year of Andres Bonifacio, among others. -- Melissa Luz T. Lopez