By Noreen Jazul
The P20 coin will be in circulation in 2020, the Bangko Sentral ng Pilipinas (BSP) said Monday.
(MANILA BULLETIN)
"Once circulated, the new 20-Piso coin shall co-exist with the 20-Piso NGC banknotes as legal tender. The 20-Piso banknote shall be gradually removed from circulation through natural attrition," the BSP said in a statement.
The central bank said issuing a P20 coin instead of a banknote is "more cost efficient in terms of currency production in the long run."
"A study conducted by the University of the Philippines reveals that the 20-Piso banknote is the most-used denomination for payments across the country," the central bank said.
"Because of this, the 20-piso banknote is easily rendered unfit for circulation and returned to the BSP for replacement," it added.
The design and specifications of the 20-Piso New Generation Currency (NGC) will be revealed by BSP Governor Benjamin E. Diokno during its launch in December.
"The latest addition to the NGC Coin Series shall retain major elements of the 20-Piso banknote. The design and features of the new 20-Piso coin shall make it easily distinguishable from the rest of the denominations in the NGC Coin Series," the BSP said.
Meanwhile, the BSP will also release in circulation an "enhanced" 5-Piso NGC coin.
The central bank said they made the P5 coin "more distinct from other denominations in the NGC Coin Series."
"The changes were based on studies on the design, security features, and specifications of the new coins," it said.