BSP releases new peso coins for circulation
Bangko Sentral ng Pilipinas (BSP) has released the New Generation Currency (NGC) coin series, consisting of the 10-peso, 5-peso, 1-peso, 25-centavo, 5-centavo, and 1-centavo denominations. The coins are set to be circulated through banks starting today, March 27.
Earlier in December 2017, the BSP had begun the circulation of 5-peso coins which garnered mixed reactions from government officials and the public. One main concern was that the 5-peso coin has a similar color and size to the 1-peso coin which can cause confusion when paying.
Also read: New 5-peso coins now in circulation
Despite that, BSP pushed through with the release of the NGC coins. In a statement, BSP stressed that the new design of the coins has “enhanced security features using the latest technology in minting to prevent counterfeiting.” Part of the enhancements includes micro-printed details engraved using laser technology on the 10-peso and 5-peso denominations.
Moreover, the coins are made of durable nickel-plated steel, hence the metallic silver color, which can improve resistance to wear and corrosion and “discourage illegal extraction of valuable metal content.”
The BSP has advised that the old and new coins “can be best appreciated through visual means and tactile familiarization.” To avoid confusion, you have to familiarize yourself with how each coin looks and feels to the touch.
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To help people distinguish between the coins, BSP released through its Facebook page a video and infographic describing each NGC coin. Each coin depicts the BSP logo and national heroes and symbols.
The existing coins can still be used to pay for purchases and transactions. The BSP has not yet set a demonetization schedule for the old coins.
Source: Bangko Sentral ng Pilipinas
