The Bangko Sentral ng Pilipnas (BSP) today, December 17 released the new 20-Piso and the enhanced 5-Piso coins which are the latest to be circulated under the BSP’s New Generation Currency (NGC) Coin Series.
According to BSP, the use of the 20-Piso coin is more cost-efficient to produce as it will have a longer circulation life than a 20-piso banknote.
BSP also cited a study by the University of the Philippines saying that 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.
“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,” BSP said.
“The new coin retains major elements of the 20-piso banknote. The coin’s front side features Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language, created the National Economic Council, and worked ardently for Philippine independence,” it explained.
“Its reverse side shows the BSP logo and the Malacañan Palace, the official residence of the Philippine President. Manuel L. Quezon was the first Philippine president to occupy it in his term,” it added.
It also noted that consistent with the NGC Coin Series which highlights native flora, the 20-Piso coin showcases the Nilad, the plant from which the name of the country’s capital, Manila, is believed to have originated.
“The bi-color 20-Piso NGC coin is easily distinguishable from other coins in the series. It is also highly secure, as it has microprints and an identifiable edge to deter counterfeiting,” BSP said.
Moreover, the BSP also released an enhanced 5-Piso NGC coin with nine sides to make it more distinct from other denominations in the NGC Coin Series.