MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) said yesterday said the proposed new generation coins would feature the electromagnetic signature (EMS) to guard against tampering and counterfeiting activities.
BSP Deputy Governor Diwa Guinigundo said the central bank’s Numismatic Committee has already completed a study on the various security features, design, and dimensions of the new generation coins.
“We will be finalizing all our recommendations for the approval by the Monetary Board. As provided by the BSP charter we will also be going to Malacañang for the presidential approval of the proposed design, security features, dimensions of the new generation coins,” he said.
To strengthen the security features of the new coins, Guinigundo explained the proposed coins would feature the EMS technology as high value coins are used in vending machines or payment for different services.
“We are also concerned about the so-called integrity of our coins. We must guard against possible tampering and issuance of counterfeit coins so we are introducing the so-called EMS that will allow the vending machines to reject counterfeits,” he said.
Likewise, Guinigundo disclosed there would be rationalization in the denominations of the new generation coins.
The existing one-centavo, five-centavo, 10-centavo, 25-centavo, P1, and P5 coins have been in circulation since 1995 while the P10 bearing the profiles of Andres Bonifacio and Apolinario Mabini in a con-joint manner on the obverse side was issued in 2001.
“With respect to the coins, there will be rationalization in terms of number. Some denominations will have to go because they have outlived their usefulness as far as the general public is concerned,” he said.
The BSP official added the dimensions of the coins would also be altered due to the high demand for high-denominated coins such as P1, P5, and P10.
He clarified the BSP could not stop the minting of the one-centavo coins as mandated by the law.