By Ruel Orinday PIA-Quezon/ with reports from BSP- Lucena December 28, 2019 Lucena City, Quezon - The Bangko Sentral ng Pilipinas (BSP) r...
December 28, 2019
Lucena City, Quezon - The Bangko Sentral ng Pilipinas (BSP) recently released the new 20-Piso and the enhanced 5-Piso coins which are the latest to be circulated under the BSP’s new generation currency (NGC) coin series.
According to BSP- Lucena City, the use of the 20-Piso coin which is now the highest denomination in the NGC coin series launched in 2018-is more cost efficient to produce as it will have a longer circulation life than a 20-piso banknote. According to a study by the University of the Philippines, the 20-Piso banknote is the most-used denomination for payments across the country. As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement.
The new-20-Piso NGC coin shall co-exist as legal tender with the currently-circulating 20-Piso NGC banknote, which will be removed from circulation through natural attrition.
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The new coin retains major elements of the 20-piso banknote. The coin’s front side features Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language, created the National Economic Council, and worked ardently for Philippine Independence.
Its reverse side shows the BSP logo and the Malacañan Palace, the official residence of the Philippine president. Manuel L. Quezon was the first Philippine president to occupy it in his term.
Consistent with the NGC coin series which highlights native flora, the 20—piso coin showcases the Nilad, the plant from which the name of the country’s capital, Manila is believed to have originated, Likewise, the Nilad’s star-shaped flowers were said to be one once clustered in abundance along the banks of the Pasig River where the Malacañan Palace is situated.
The bi-color 20-piso NGC coin is easily distinguishable from other coins also highly secure, as it has microprints and an identifiable edge to deter counterfeiting.
The BSP also released the enhanced 5-piso NGC coin with nine sides to make it more distinct from other denominations in the NGC coin series.
The 5-piso coin also retains the design elements of the round NGC coin, with Andres Bonifacio, the father of the Katipunan, on the front side and the Tayabak plant, on the reverse. It also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas”.
The design of the country’s newest coins is approved by the President of the Philippines. The BSP enjoins the public to properly use and recirculate our Philippine coins for their economic and cultural value. (Ruel Orinday- PIA-Quezon/ with reports from BSP- Lucena)
According to BSP- Lucena City, the use of the 20-Piso coin which is now the highest denomination in the NGC coin series launched in 2018-is more cost efficient to produce as it will have a longer circulation life than a 20-piso banknote. According to a study by the University of the Philippines, the 20-Piso banknote is the most-used denomination for payments across the country. As a result, it is easily rendered unfit for circulation and returned to the BSP for replacement.
The new-20-Piso NGC coin shall co-exist as legal tender with the currently-circulating 20-Piso NGC banknote, which will be removed from circulation through natural attrition.
The new coin retains major elements of the 20-piso banknote. The coin’s front side features Manuel L. Quezon, the first president of the Philippine Commonwealth who advocated the adoption of the national language, created the National Economic Council, and worked ardently for Philippine Independence.
Its reverse side shows the BSP logo and the Malacañan Palace, the official residence of the Philippine president. Manuel L. Quezon was the first Philippine president to occupy it in his term.
Consistent with the NGC coin series which highlights native flora, the 20—piso coin showcases the Nilad, the plant from which the name of the country’s capital, Manila is believed to have originated, Likewise, the Nilad’s star-shaped flowers were said to be one once clustered in abundance along the banks of the Pasig River where the Malacañan Palace is situated.
The bi-color 20-piso NGC coin is easily distinguishable from other coins also highly secure, as it has microprints and an identifiable edge to deter counterfeiting.
The BSP also released the enhanced 5-piso NGC coin with nine sides to make it more distinct from other denominations in the NGC coin series.
The 5-piso coin also retains the design elements of the round NGC coin, with Andres Bonifacio, the father of the Katipunan, on the front side and the Tayabak plant, on the reverse. It also retains the security features of the round coin, including the microprints “Republika ng Pilipinas” and “Bangko Sentral ng Pilipinas”.
The design of the country’s newest coins is approved by the President of the Philippines. The BSP enjoins the public to properly use and recirculate our Philippine coins for their economic and cultural value. (Ruel Orinday- PIA-Quezon/ with reports from BSP- Lucena)
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