Bangko Sentral unveils new P20 coin and enhanced P5 coin

Credit to Author: Tempo Desk| Date: Tue, 17 Dec 2019 08:39:58 +0000

(Bangko Sentral ng Pilipinas)

The Bangko Sentral ng Pilipinas (BSP) on Tuesday launched the P20 coin which would replace the banknote form of the currency.

The new P20 coin retains the image of former President Manuel Quezon, the second President of the Philippines. On the flip side, the BSP logo, the native flora called Nilad, and the Malacañang Palace can be seen.

The BSP said that issuing a P20 coin instead of a banknote is “more cost-effective” since it will have a longer circulation life.

BSP Gov. Benjamin Diokno said that it costs P2 to produce a P20 bill, which lasts for 6 months, while it costs P10 to make a P20 coin that could last for 10 years.

(Bangko Sentral ng Pilipinas)

BSP said that the P20 coin is the most used denomination for payments in the country. It will
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