New generation coins already in circulation
The Bangko Sentral ng Pilipinas (BSP) has started circulating the new set of coins in Cebu to encourage the public to familiarize the latest currency series as the old ones will soon be demonetized.
In a press briefing yesterday, BSP-Cebu regional director Leonides Sumbi urged consumers to familiarize the coins' new features amid the public's confusion particularly on the similarity of the new P5 coin and the old P1 coin.
She pointed out that the confusion is "temporary" as the central bank is set to demonetize the old coins soon, although there is no timeline yet on the demonetization.
"The old coins will soon be phased out. So this is just a temporary confusion. But we urge the public to be familiar with the new ones," Sumbi said.
She said almost all banks in Cebu have already been distributed with the new generation currency (NGC) coins.
"Our supply of the new coins here in Cebu is not yet big. But we will eventually get new batches of supply," the BSP official said, noting the central bank still releases the old coins to banks.
As of yesterday, BSPCebu has so far received a total worth of P21.60 million of the new coins or 5.6 million pieces in different denominations from its head office.
She said the central bank is doing public information campaigns with local governments, barangays and schools, to raise awareness on the new coins.
Last March, the BSP officially unveiled the new designs for coins that are colored silver but carry varying features for distinction.
The coins are made of nickel-plated steel to be more durable, resulting in a metallic silver color for all denominations.
The series varies in diameter from the 27-millimeter (mm) P10 coin to the 15-mm one centavo.
The new P10 coin carries the head shot of hero Apolinario Mabini on one side and a stylized kapa-kapa plant on the reverse. The coin’s edge carries continuous lines with a stylized lettering of the words “Bangko Sentral.”
The new P1 coin carries the face of national hero Jose Rizal and the waling-waling flower at the back. Its edge bears intermittent reeds.
The 25-centavo, fivecentavo and one-centavo coins will carry the iconic three stars and a sun design on a stylized rendition of the Philippine flag. The 25-centavo comes with the katmon flower and a plain edge; the five-centavo bears the kapal-kapal baging plant and an edge with reeds; while the one-centavo coin has the mangkono plant and a plain edge.
The P5 coin started circulating as early as December last year, carrying the face of Andres Bonifacio — replacing former president Emilio Aguinaldo — and the tayabak plant on the reverse.
The BSP said the coins also carry enhanced security features, including microprinted details using laser technology for the P5 and P10 denominations.
The BSP has decided to drop the 10-centavo coin in response to low use.
Coins currently in circulation have been in use since 1995.
While BSP has not yet set a demonetization schedule for the old coins, these will still be accepted for day-to-day transactions alongside the new coins.
The BSP has the sole authority to issue money for general use. Central banks regularly change the design of bills and coins to elevate security standards against counterfeiting.
In 2010, the BSP started releasing the NGC bills, which replaced the 1985 design series for the banknotes. The old bills are no longer accepted for day-today transactions since 2016.
Under the New Central Bank Act, the BSP can replace money which have been in use for over five years.
Meanwhile, Sumbi also announced yesterday the central bank is set to break ground on May 28 for the construction of a BSP office in Dauis, Bohol. She said the BSP is establishing an office in Bohol amid the increasing banking transactions there.