BSP starts release of new coin series

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has started circulating the full set of the New Generation Currency (NGC) coin series which are armed with new aesthetics and enhanced security features.

BSP Deputy Governor Diwa Guinigundo said the central bank has released the NGC coins comprised of the P10, P5, P1, 25-centavo, five-centavo and one-centavo coins.

The new coins will be formally launched in July 2018, coinciding with the anniversary celebration of the central bank. Guinigundo said President Duterte and BSP Governor Nestor Espenilla would be present during the ceremony.

For the initial batch of the NGC coins, Guinigundo said 139.57 million coin denominations would be released.

These comprise of 10 million pieces of the P10 coin; 77 million pieces of the P5 coin; 19 million pieces of the P1 coin; 9.3 million pieces of the 25-centavo coin; 10.9 million pieces of five-centavo coin; and 11.5 million pieces of the one-centavo coin.

Guinigundo, however, clarified that the old series of coins would not be demonetized, and could still be used by the public for transactions.

“The existing coins (BSP Coin Series) shall remain as legal tender and can be used alongside the NGC Coin Series for day-to-day transactions to pay for goods and services, until such time the BSP calls for their demonetization,” he said.

The BSP official said the NGC coin series features enhanced aesthetics and strengthened security features.

The coins, which appear as metallic silver, are made of nickel-plated steel, which Guinigundo said is more durable and more resistant to corrosion. As such, he said the new coins is less prone to discoloration, which were observed for copper-based metals.

“The metallic composition of the NGC coins also discourages the illegal practice of hoarding large quantities of coins for the extraction of their metal content,” he added.

The P10 and P5 coins also feature micro-printed details using laser-engraving technology, which makes it difficult for these coins to be duplicated using traditional coin counterfeiting methods, Guinigundo said.

According to the BSP, the P10 coin has a diameter of 27 millimeters, features Apolinario Mabini, and is milled with edge lettering “Bangko Sentral ng Pilipinas.”

The P5 coin is 25 millimeters in diameter and features Andres Bonifacio, while the P1 coin is 23 millimeters in diameter featuring Jose Rizal, with intermittent reeds at the edges.

The 25, 5 and one-centavo coins also contain a stylized three stars and a sun. All coins also contain endemic flora consistent with the design of the NGC Banknote Series that highlights Philippine fauna.

Recognizing concerns that the P5 NGC coin may be mistaken for the existing P1 coin, the BSP said the P5 coin is heavier, thicker and slightly larger than the existing P1 coin.

“Moreover, the P5 NGC coin’s sides are smooth, while the P1 coin has ridges. Finally, the designs of the two coins are distinctly different,” the BSP said.

Compared to the existing P5 coin, the P5 NGC coin also has different security features and logos. It also features Andres Bonifacio, while the existing coins contains a portrait of Emilio Aguinaldo.

“The differences between the NGC coins and the existing BSP Coin Series can be best appreciated through visual means and tactile familiarization,” Guinigundo said.