The Bangko Sentral ng Pilipinas (BSP) will release newly designed coins by yearend, although initially in a limited quantity, Deputy Governor Diwa C. Guinigundo said Friday.
Guinigundo disclosed that the BSP would no longer mint 10-centavo coins; as such, only the P10, P5, P1, 25-centavo, 5-centavo and 1-centavo denominations would be part of the new generation coins.
The BSP official said the new coin design will be rolled out before this year ends, while circulation “can also happen at the same time but in a limited capacity.”
Guinigundo said the new coins will bear some new security features, akin to those introduced in the new generation currency (NGC) banknotes.
But even with the issuance of new generation coins, the BSP would not yet demonetize the existing ones, Guinigundo said.
“It is more challenging to demonetize coins than banknotes. We will have to physically get them and collect them and do something with them” to lose value, he explained.
If ever the BSP would demonetize coins, Guinigundo said it may take them a few years.
“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 said.