The Bangko Sentral ng Pilipinas will start distributing the first batch of new-generation coins before the end of 2017, Deputy Governor Diwa Guinigundo said Friday.
“The rollout target for the new generation coins is before the end of the year,” Guinigundo said.
The 10-centavo coin will be dropped from the set of new generation coins, he said. The new set will consist of one-centavo, 25-centavo, one-piso, five-piso and 10-piso coins.
He said the coins would carry electro-magnetic security features to set them apart from counterfeits and be easily recognized by vending machines.
Guinigundo earlier said the manufacture of new coins was meant to accompany the new set of bills currently circulating in the financial system, or those called new-generation currency.
The Bangko Sentral did not extend the deadline for the demonetization of old banknotes belonging to the new design series circulating in the financial system, making June 30, 2017 the last extension for the demonetization of old bills.
The old bills lost their value and could no longer be replaced by the new banknotes after the deadline lapsed.
The new design series bills were launched in 1985 by the old central bank. The new generation currency bills, on the other hand, were launched by Bangko Sentral in January 2016, with more security features to avoid counterfeiting.