The Bangko Sentral ng Pilipinas said it will circulate 20-piso coins to replace the existing 20-piso banknotes in 2020, following a ceremonial launch in December.
A study conducted by the University of the Philippines revealed that the 20-piso banknote is the most-used denomination for payments across the country.
“Because of this, the 20-piso banknote is easily rendered unfit for circulation and returned to the BSP for replacement. As such, the issuance of a coin in lieu of a banknote is more cost-efficient in terms of currency production in the long run,” the BSP said Monday.
Official photographs and specifications of the 20-piso New Generation Currency coin will be presented by BSP Governor Benjamin Diokno during its launch. To date, the BSP has not released any official image of the proposed 20-piso coin.
The BSP said the latest addition to the NGC Coin Series will retain major elements of the 20-piso banknote. The design and features of the new 20-piso coin will make it easily distinguishable from the rest of the denominations in the NGC Coin Series.
“Once circulated, the new 20-piso coin shall co-exist with the 20-piso NGC banknotes as legal tender. The 20-piso banknote shall be gradually removed from circulation through natural attrition,” it said.
Apart from the 20-piso coin, the BSP will also release in circulation an enhanced 5-piso NGC coin to make it more distinct from other denominations in the NGC Coin Series.
The changes were based on studies on the design, security features, and specifications of the new coins.