The Bangko Sentral ng Pilipinas (BSP) Iloilo Branch has informed Ilonggos that the new P20 and enhanced P5 coins have started circulating in the market.

In a press conference at BSP Iloilo office on Thursday, Feb. 27, Joanne Marie Castelo, deputy director of BSP Iloilo Branch, said they have received bags of the new coins last January.

“It is in circulation but in limited pieces for the meantime until we have production, and we have more, and we can give it to the banks,” she said.

Castelo said the issuance of P20 coins instead of banknotes is more cost-efficient in terms of currency production.

She said it costs P2 to produce a single bill, which only lasts for an average of six months while producing a single coin, which lasts for 10 to 15 years, costs P10.

Citing a study from the University of the Philippines, Castelo said P20 banknote is the most used denomination for cash transactions across the country.

“Because of this, this particular bill is easily rendered unfit for circulation thus prompting the need to be returned to the BSP for replacement,” she said.

The new P20 coin measures 30 millimeters in diameter, weigh 11.5 grams, and made of plated steel. Its core is made of nickel plating while the outer ring is made of bronze plating.

The obverse side of the P20 coin has an embossed and micro text of Republika ng Pilipinas, a portrait of Manuel L. Quezon, microdots along the central vertical line, a mintmark and a year mark, and the embossed denominational value.

Its edge has the lettering of “BSP” at six angles while the reverse side features the Nilad flower, the BSP logo, the Malacañan Palace, and microdots along the Nilad flower’s stem.

The enhanced P5 coin, on the other hand, is the answer of the BSP to the recent call of the public on coin identification.

Castelo said the public had clamored that the previous P5 is mistaken as P10 coin or vice versa.

“The enhanced P5 and the P10 are more or less the same. But the P5 have nine wavy sides now so that they will not be confused anymore,” she said.

The enhanced P5 coin is made of plated steel and nickel plating, it measures 25 millimeters in diameter and weighs 7.4 grams.

It has an embossed text and micro text of the Republika ng Pilipinas, a portrait of Andres Bonifacio, a mint mark and year mark, and denominational value in the obverse side.

A micro-text of the Bangko Sentral ng Pilipinas, BSP logo, and Tayabak flower is seen on the reverse side.

Castelo said the nine sides of the plain coin edge is a feature that distinguishes the enhanced PHP5 from the PHP10 coin.

Lowen Andrew June Ligad, Bank Officer II of BSP Iloilo Branch, said the P20 coin shall co-exist with the P20 New Generation Currency banknote as legal tender.

“The P20 banknotes shall be gradually removed from circulation through natural attrition,” he said in the same press conference.

The round P5 coin, on the other hand, shall also co-exist with the enhanced PHP5 coins with nine sides. “It is also until such time that the round P5 is gradually removed from the circulation through natural attrition,” he said.

The new P20 and enhanced P5 coins will be in “full blast” circulation in Iloilo market this year, Castelo said.

“We are expecting that it (the new coins) will be given two months (from now) or the second quarter,” she said.Gail Momblan/PNA