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Bangko Sentral to replace 20-piso banknotes with coins

The Bangko Sentral ng Pilipinas (BSP) will issue 20-piso coins as recommended by a University of the Philippines total systems study on the currency cycle.

In a statement Friday, July 19, 2019, the central bank said the state university made the recommendation after its study showed that the 20-piso banknote is the most used denomination for small-value transactions.

Because it is often used, the 20-piso banknote gets “easily unfit and returned to the BSP for replacement.”

The BSP said its Committee on Currency Design and Enhancements will conduct an extensive and in-depth deliberation of the design, security features and specifications of the new 20-piso bill.

Its proposal will be submitted to the Monetary Board and then endorsed to the President for final approval.

Under the New Central Bank Act, the BSP has the exclusive power and authority to issue the national currency within the country.

On March 26, 2018, the central bank released the New Generation Currency (NGC) Coin Series which is composed of the metallic silver 10-piso, 5-piso, 1-piso, 25-sentimo, 5-sentimo and the 1-sentimo coins.

The BSP had enhanced the aesthetics and security of the coins by putting micro-printed details using laser-engraving technology in the 10-piso and 5-piso.

These make it difficult to duplicate these coins.

The new coins feature the new BSP logo, three national heroes (Apolinario Mabini in the 10-piso, Andres Bonifacio in the 5-piso and Jose Rizal in the 1-piso), a stylized three stars and a sun in the 25-, 5- and 1-sentimo, and endemic flora consistent with the design of the NGC Banknote Series that highlights Philippine fauna. (Ventures Cebu)

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