BSP: Plan to introduce new generation coins underway

CEBU, Philippines – New generation coins will soon be introduced, a local official from the central bank said, saying there will be an information campaign for the demonetization of the existing coins.

Bangko Sentral ng Pilipinas-Cebu Director Leonides Sumbi said the demonetization of old coins is now in the planning stage.

In a recent interview, Sumbi said that some coin denominations will have to go because most people see their value as “irrelevant” already.

Sumbi said there is possibility the central bank will stop minting some denominations especially the small ones.

She added the minting of higher-value coins will be prioritized over the centavos.

Earlier reports quoted BSP Deputy Governor Diwa C. Guinigundo as saying that there will be one set of new banknotes and one set of new generation coins by 2018-2019.

The central bank, however, did not say as of now when the new coins will be released.

The proposal for new coins will have to be approved by the President.

In addition, the BSP scheduled the demonetization of old peso bills by end of last year, leaving the new issued bills in circulation.

The old banknotes can no longer be accepted as legal tender starting this year. (FREEMAN)