MANILA -- The Bangko Sentral ng Pilipinas (BSP) should delay the issuance of new coins until April 2018, a senator said Tuesday noting that the new PHP5 coin resembles the old PHP5 coin and could cause confusion.
Senator Nancy Binay urged the BSP to first launch an information campaign about the changes to the new coin through mass media which will give the public enough time to prepare for the changes.
BSP is set to release other coin denominations of the New Generation Currency (NGC) series on Jan. 18, 2018.
“What we're asking is only four months of public information drive to avoid that head-spinning head-scratching ordeal for consumers and merchants. Let's attend to the small change to hold off a big headache," Binay said in a press statement.
“There should be posters in all stores, tricycle and bus terminals, markets, supermarkets, karinderya, jeeps, canteens, vending machines, and all establishments,” she added.
Binay pointed out that the PHP5 coin directly affected commuters particularly people who have “low-vision issues.”
Moreover, she said that incompatibility with coin-operated machines particularly ticket vending machines (TVMs) for the beep cards could affect riders.
"The likely scenario will either be that you are shortchanged or paid extra,” Binay pointed out.
Binay, meanwhile, asked the BSP if the Numismatic Committee ever considered the behavioral change the new coins would create and if there was any study on coinage circulation.
She said that since the old coins and the new coins would co-exist together for an interminable period, it would definitely be a “hassle.” (PNA)