ZAMBOANGA CITY --The Bangko Sentral ng Pilipinas (BSP) is set to release in December a new PHP5 coin to clear out confusion with the PHP1 coin in circulation.
Bruce Tolentino, BSP Monetary Board member, said Tuesday that at the same time, the BSP will release the new PHP20 coin that will replace the PHP20 bill.
Tolentino said the new PHP5 coin will have a new design, which will include a wave edge.
“This (new PHP5 coin) will be the solution as there are many complaints that the PHP5 coin is being mistaken for PHP1,” Tolentino said.
“Pretty soon, there will be no more confusion between the PHP1 and PHP5, which will have a wave design on its edge,” he added.
He clarified that there will be no demonetization of the PHP5 coin and PHP20 bill, which are already in circulation.
He said they will stop the production and will collect the PHP5 coin and PHP20 bill from circulation.
The current Philippine coin currencies include 1 centavo, 5 centavos, 10 centavos, 25 centavos, PHP1, PHP5, and PHP10 while the bills are PHP20, PHP50, PHP100, PHP200, PHP500, and PHP1,000. (PNA)
