Coming soon: Redesigned 5 peso coin
The Bangko Sentral ng Pilipinas (BSP) said the redesigned P5 and new P20 coins will be released in circulation early next year after the ceremonial unveiling in December.
The BSP said the enhanced P5 New Generation Currency coin will be more distinct from other denominations in the NGC Coin Series.
Lawmakers pushed for the recall of the new P5 coin design as consumers were confused because of its similarity with the P1 coin.
However, the BSP clarified that the P5 coins are thicker and heavier compared to the P1 coins. Another major difference is the face of revolutionary leader Andres Bonifacio in the P5 coins.
The BSP said changes in the soon to be released redesigned P5 coins were based on studies on the design, security features and specifications of the new coin.
It said official photographs and specifications of the new coins will be presented by BSP Governor Benjamin Diokno during the launch.
A study conducted by the University of the Philippines revealed that the P20 banknote is the mostused denomination for payments across the country.
Because of this, the P20 bills are easily rendered unfit for circulation and returned to the BSP for replacement.
“As such, the issuance of a coin in lieu of a banknote is more cost efficient in terms of currency production in the long run,” the BSP said.
Nevertheless, the central bank added that the latest addition to the NGC Coin Series would retain major elements of the P20 banknote.
The design and features of the new coin shall make it easily distinguishable from the other denominations in the NGC Coin Series.
It clarified the new P20 coin would co-exist with the P20 bill as legal tender. The P20 banknote will be gradually removed from circulation through natural attrition.
“The lifespan of a coin when re-circulated is more than 10 to 15 years compared to banknotes, which is less than one year,” BSP Assistant Governor Dahlia Luna said.
Apart from the P20 bill, the new generation currency series released in 2010 include the P50, P100, P200, P500 and P1,000 banknotes, while the new generation currency coin series released in 2018 include the one-sentimo, five-sentimo, 25-sentimo, one-peso, five-peso and 10-peso coins.