The Bangko Sentral ng Pilipinas (BSP) has urged Negrenses to use and re-circulate new coins following the circulation of the new PHP20 and the enhanced PHP5 pieces in Negros Occidental last January.
Acting deputy director Maria Jocelyn Ladero of BSP-Bacolod said on Thursday two bags of the new PHP20 and 50 bags of the enhanced PHP5 coins have been released to the banks here in January.
This is equivalent to an initial issue of PHP415,000 worth of both coins, with each bag of the PHP20 coin containing a total of PHP20,000, and that of the PHP5 coin valued at PHP7,500.
We issued a small amount of the new PHP20 coin to the banks here, while there's enough supply of the enhanced PHP5 coin and its release is still ongoing, Ladero said in a press conference.
BSP-Bacolod is expecting the full circulation of these New Generation Currency (NGC) coins in Negros Occidental by the third quarter of the year.
The new PHP20 coin, now the highest denomination in the NGC series launched in 2018, shall co-exist as legal tender with the currently-circulating PHP20 NGC banknote, which will eventually be removed from circulation through natural attrition. The coin retains major elements of the PHP20 banknote.
The front side features Manuel L. Quezon, the first president of the Philippine Commonwealth, who advocated the adoption of the national language, created the Economic Council, and worked ardently for Philippine Independence.
The reverse side shows the BSP logo and MalacaAan Palace, the official residence of the country's President. Quezon was the first occupant during his term.
Consistent with the NGC Coin Series that highlights native flora, the new PHP20 coin showcases the Nilad, the plant from which the name of the country's capital, Manila, is believed to have originated.
The bi-color PHP20 coin, made of nickel and bronze, is easily distinguishable from other coins in the series. It is also highly secured as it has microprints and an identifiable edge to deter counterfeiting.
The PHP20 coin is more cost-efficient to produce as it will have a longer circulation life than a PHP20 banknote, according to the BSP.
Meanwhile, the enhanced PHP5 coin has nine sides to make it more distinct from other denominations in the NGC Coin Series. It also retains the design elements of the round NGC coin with Andres Bonifacio, the father of the Katipunan, on the front side and the Tayabak plant on the reverse.
The enhanced PHP5 coin also retains the security features of the round coin including the microprints Republika ng Pilipinas and Bangko Sentral ng Pilipinas.
Source: Philippines News Agency