The Bangko Sentral ng Pilipinas (BSP) on Tuesday launched the P20 coin which would replace the banknote form of the currency.
The new P20 coin retains the image of former President Manuel Quezon, the second President of the Philippines. On the flip side, the BSP logo, the native flora called Nilad, and the Malacañang Palace can be seen.
The BSP said that issuing a P20 coin instead of a banknote is “more cost-effective” since it will have a longer circulation life.
BSP Gov. Benjamin Diokno said that it costs P2 to produce a P20 bill, which lasts for 6 months, while it costs P10 to make a P20 coin that could last for 10 years.
BSP said that the P20 coin is the most used denomination for payments in the country. It will co-exist as a legal tender along with the banknote, which will be removed from circulation through natural attrition.
Meanwhile, an enhanced P5 coin was also unveiled featuring nine-sides to make it distinct from other values.
The updated 5-peso coin is still silver in color and retains the design elements of the round NGC coin, with Andres Bonifacio, the father of the Katipunan, on the front side. On the reverse side, the Tayabak plant can be seen.
It also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas.” (Marjaleen Ramos)