BSP to release new coin designs before end- 2017

MANILA — New generation coins with security features will be released before end-2017, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo said Friday.

Guingundo, however, told reporters that the central bank would not mint the P0.10 coin anymore but declined to elaborate.

Thus, only the PHP0.1, PHP0.5, PHP0.25, PHP1, PHP5, and PHP10 will have new designs, which will be released “before the end of the year.”

“Circulation can also happen in the same time but in a limited capacity,” Guinigundo said.

Guinigundo said demonetization of old coins will also be announced once the new designs are released.

He, however, said that demonetization of coins is harder than that of the bills.

“We will have to physically get them and collect them and do something with them. It is easier for the banknotes because we will just shred them,” he said.

Asked how long the demonetization of coins will be, the central bank official said it depends on several factors such as the public’s contribution in this measure.

“It can be extended considering the physical and logistical difficulty in surrendering the coins to the banks and the branches and regional offices of the BSP,” he added. Joann Santiago/PNA