BSP says public to differentiate new P5 coin from P1 over time
The confusion over the P1 and the New Generation Currency (NGC) P5 coins is an “unavoidable” issue, but the public would eventually be able to make a clear distinction between each coin, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.
“Since there will be a transition period in which both the old and the new designs will co-exist, there will be unavoidable issues of possible confusion between and among denominations,” BSP Deputy Governor Diwa Guinigundo told GMA News Online.
Guinigundo issued the statement on the heels of an appeal by Senator Nancy Binay to stop circulating the new P5 coins, which supposedly causes confusion in terms of color and size compared with the P1 coin.
The NGC P5 coin, featuring Philippine hero Andres Bonifacio, was released earlier this month.
“Sana po ay merong maayos na info drive, media campaign or advisories na ginawa ang BSP bago ilabas and mga bagong barya,” Binay said.
Guinigundo noted the new P5 coin was a result of careful studies prior to its minting.
“The NGC coins were carefully studied by the Numismatic Committee and the Currency Management Committee of the BSP. Upon these committees’ recommendations, the designs, security features, and dimensions were also approved by the Monetary Board and the Office of the President,” he said.
However, Guinigundo said it’s just a matter of time before the public is able to distinguish between the P1 and P5 coins.
“Over time, as we cease minting and continue retiring the old series, the new designs will be increasingly accepted by the public supported by the nationwide campaign,” he said.
“But to stop the launching and conduct first an info campaign will not be effective because the public needs to see and hold and use the NGC coins,” he said.
In line with central bank guidelines, the Numismatic Committee initiates new design studies and proposes upgraded security features to be presented for consideration of the Monetary Board.
Once a selection is made, the policy-setting board sends the proposed new designs for the approval of the President—in this case President Rodrigo Duterte.
“We have a program for launching these NGC coins which includes a nationwide public information campaign through social media as well as print and broadcast media,” Guinigundo said.