Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the proposed 20-peso coin could be released as early as December of this year. Diokno mentioned that the prototype of the new coin would be submitted to President Rodrigo Duterte for his approval.
“Could be as early as December this year since that is said to be the favorite gift given during the Christmas season,” Diokno said.
Benjamin Diokno also said that the central bank is also considering phasing out the 20-peso banknote that has a life span of only about six months.
“The P20 banknote is very expensive because it has to be replaced after six months. It is the one we print the most. The coins, however, will last five times longer,” Diokno added.
Dahlia Luna, assistant governor and also head of Security Plant complex of the BSP, said that the 20-peso bill is the “dirtiest banknote” as it is the most used currency in the country. She also said that the minting cost of the coin version is more expensive than the production cost of the 20-peso banknote at about P2 per piece, yet the lifespan of the coin version is “longer than the banknote“.
“The lifespan of a coin when re-circulated is more than 10 to 15 years compared to banknotes, which is less than one year,” Luna said.
The smallest value banknote, if signed for phasing out the 20-peso banknote, would be the 5-peso bill.
The new generation currency banknote series, excluding 20-peso bill, released in 2010 include P50, P100, P200, P500 and P1,000 bank-notes. The new generation currency coin series released in 2018 include the one-sentimo, five-sentimo, 25-centimo, one-peso, five-peso, and 10-peso coins.
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