The Bangko Sentral ng Pilipinas will launch in December the new 20-piso coins to replace the 20-piso banknotes currently circulating in the financial system, Governor Benjamin Diokno said over the weekend.
“It’s a go and we will submit it to the President. But I already saw the prototype... The timeline (of the launch) could be as early as December this year,” Diokno told reporters in an interview.
He said the launch would be timely because the 20-piso banknotes were usually used by many as gifts for children during the holiday season.
Diokno said the phaseout of the 20-piso banknotes would proceed as previously planned by monetary authorities. The BSP has been printing the bills in largest numbers compared with the 50-, 100-, 200-, 500-, and 1000-piso bills.
“These 20-piso bills are too many and its printing is more expensive compared to other bills because after six months the BSP prints again,” said Diokno, citing the 20-piso bills were the ones most commonly used.
“So the BSP prints more 20-piso bills compared to other bills. But in the case of coins, these will last five times longer... At least five times,” Diokno said.