After its current coins got bad reviews for being too difficult to distinguish from one another, the Philippine central bank unveiled on Tuesday (Dec. 17) a new coin series which it promises to be
In a press briefing, Bangko Sentral ng Pilipinas Gov. Benjamin Diokno announced that the P20 bill — the most commonly used denomination for day to day transactions — will henceforth be phased out gradually in favor of a new P20 coin.
Diokno explained that it costs P2 to manufacture a single P20 bill, which will last anywhere between three to six months, given its average turnover for transactions. In contrast, minting a single P20 coin will cost P10, but will last up to 15 years. Diokno explained that the new coin retains major elements of the P20 banknote. The coin’s front side features Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language, created the National Economic Council, and worked ardently for Philippine independence.
Likewise, the nilad’s star-shaped flowers were said to be once clustered in abundance along the banks of the Pasig River where the Malacañan Palace is located. The P5 coin also retains the design elements of the current round coin, with Andres Bonifacio, the father of the Katipunan, on the front side and the tayabak plant, on the reverse. It also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas.”The central bank appealed to the public to properly use and recirculate the coins for their economic and cultural value.
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