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BSP will not demonetize P20 bills

Business

BSP will not demonetize P20 bills

By Lee C. Chipongian

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno has explicitly said the central bank have no intention of demonetizing the 20-piso banknotes and it will continue to co-exist with its coin version.

20-piso banknote (BSP)

“There is no demonetization of 20-piso banknotes and BSP will adopt natural attrition through unfit deposits,” said Diokno. Demonetization is the withdrawal of a banknote or coin from circulation. Demonetized bills can no longer be used as legal tender.

Rather, he reiterated that the paper-based 20-piso and 20-piso coins will continue to co-exist until the banknotes become unfit for circulation.

The BSP’s production of the 20-piso New Generation Currency (NGC) banknotes are still ongoing since apparently, materials such as paper used for its printing has not yet been exhausted.

“The 20-piso banknotes are still being printed in-house,” said Diokno.

The BSP has issued a number of public advisories on 20-piso NGC bills and that it remain as legal tender and can be used alongside the 20-piso coins for day-to-day transactions.

The 20-piso coin version, however, is not circulated as much as the other coin denominations.

20-piso coin (BSP)

The BSP has been asking banks to promote the distribution, recirculation, and mobilization of the 20-piso coins since it was introduced in December 2019.

The bi-color 20-piso coin retains major elements of the 20-piso banknote. The obverse side of the coin also features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañang Palace, and the Nilad plant

The BSP produced a 20-piso coin because it is more cost efficient and have a longer circulation life than a 20-piso banknote.

According to a study by the University of the Philippines, the 20-piso banknote is the most-used denomination for payments across the country. As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement.

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