New R5 coins draw flak; Nancy says size, appearance confusing

Senator Nancy Binay on Wednesday urged the Bangko Sentral ng Pilipinas (BSP) to suspend the release of new generation coins.

Binay cited the public’s confusion over the new R5 coins, which were issued this month, bearing a resemblance to the R1 coins featuring national hero Dr. Jose Rizal.

“It is best to keep an eye on those new five-peso coins. Lalo na doon sa mga nanunukli ng barya sa tricycle, jeep, tindahan at mga maliliit na negosyo. Sobrang nakakalito ang bagong limang-piso na halos magkasing hawig at laki lang ng piso (Especially those giving change in tricycles, passenger jeepneys, stores and other small businesses. The new R5 coins are so confusing),” Binay said in a statement.

The new silver-minted R5 coin under the BSP’s new generation currency (NGC) coin series features Andres Bonifacio, the father of Philippine revolution, on one side and the Tayabak, a Philippine endemic plant that climbs tall forest trees, on the other side.

It replaces first Philippine presi- dent Gen. Emilio Aguinaldo in the old and pale gold R5 coins that are still in circulation.

The BSP earlier announced that it plans to release the rest of the denominations in the NGC coin series for circulation in January 2018.

While welcoming the new designs of the NGC, Binay, however, lamented the impact of the sudden change to ordinary Filipinos.

“We welcome the new and fresh designs of the NGC. But did the Numismatic Committee ever consider the behavioral change it will create, and the possibility of confusion between merchants and the public? Sa totoo lang, meron impact sa ordinaryong Pinoy sa araw-araw na transaksyon ang mga bagong coin na ilalabas ng BSP,” she said.

Binay further explained that commuters and those in the transport sector will be inconvenienced by the circulation of the NGC series.

She called for a widespread information and education campaign before the BSP releases the NGC coin series.

“Sana po ay merong maayos na info drive, media campaign or advisories na ginawa ang BSP bago ilabas ang mga bagong barya (I hope the BSP conducted an efficient info drive, media campaign or advisories before issuing the new coins). We welcome the change if it’s an issue of security but the problem lies on the circulation where the new coins will co-exist with the R1, R5, and R10 coins that are now more widely used by the public,” the senator said.