Bangko Sentral ng Pilipinas (BSP) released Tuesday the new P20 and the improved P5 coins as part of its New Generation Currency (NGC) Coin Series.
In a statement, the BSP said the use of the P20 coin is more cost-efficient to produce as it will have a longer circulation life that its banknote form.
The P20 coin is now the highest denomination in the NGC Coin Series launched in 2018.
The BSP said that according to a study by the University of the Philippines (UP), the P20 banknote is the most-used denomination for payments across the country. As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement.
“The new P20 NGC coin shall co-exist as legal tender with the currently-circulating P20 banknote, which will be removed from circulation through natural attrition,” the BSP said.
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.
Its reverse side shows the BSP logo and the Malacañan Palace, the official residence of the Philippine President. Manuel L. Quezon was the first Philippine president to occupy it in his term.
Consistent with the NGC Coin Series which highlights native flora, the P20 coin showcases the “Nilad”, the plant from which the name of the country’s capital, Manila, is believed to have originated. 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 situated.
The bi-color P20 NGC coin is easily distinguishable from other coins in the series. It is also highly secure, as it has micro prints and an identifiable edge to deter counterfeiting.
The enhanced P5 NGC coin, on the other hand, has nine sides to make it more distinct from the other denominations in the NGC Coin Series.
The P5 coin 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. It also retains the security features of the round coin, including the micro prints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas.”
The design of the country’s newest coins is approved by the President of the Philippines. The BSP enjoins the public to properly use and recirculate our Philippine coins for their economic and cultural value.