No such thing as P100 coins, BSP warns

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The Bangko Sentral ng Pilipinas (BSP) warned the public against social media posts that claim about a switch to P100 coins from banknotes, saying there is no such move and that the P100 bill remains in circulation.

In fact, new P100 banknotes that bear the signatures of President Marcos and BSP Governor Felipe Medalla were released to banks earlier this month and should be in the hands of consumers in the coming weeks.

“The [untruthful] social media posts used the image of an old 100-piso commemorative coin that the BSP issued in 2017 for the 100th founding anniversary of Muntinlupa City,” the central bank said in a public advisory.

Further, the Muntinlupa-related coin was not the first P100 commemorative coin that the BSP released.

The BSP said commemorative coins play a key role in highlighting the rich cultural heritage of the Philippines.

And, as the depository and custodian of the country’s numismatic heritage—the history of Philippine currency including coins, banknotes, tokens and medals—the central bank releases commemorative coins that feature significant events in Philippine history, landmarks and legacies of esteemed Filipinos.

The BSP also issued P100 coins that honor Filipino heroes Teresa Magbanua (on her 150th birth anniversary in 2018, Mariano Ponce (100th death anniversary in 2028), and General Emilio Aguinaldo (150th birth anniversary in 2019).

Like BSP-issued coins in general circulation, commemorative coins are deemed legal tender, unless these coins have been demonetized.

Most commemorative coins are designed and produced in limited quantities and are minted from precious metals, like gold and silver. These make the coins special, attracting great interest from numismatists and the public.

The P100 coins featuring Magbanua, Ponce and Aguinaldo were sold online through the BSP Store at P350.00 each but were immediately sold out due to high demand.

Meanwhile, a new batch of banknotes — P20, P50, P100, P500 and P1,000 — with the signatures of Marcos and Medalla were formally presented to the Chief Executive last Dec. 7 and are being gradually released to the public through authorized agent banks starting this month.

The newest printed banknotes have the same design, size, dimensions, and security features as the existing New Generation Currency (NGC) and enhanced NGC banknotes.

Further, the production of P1,000 paper banknote continues while the P1,000 polymer banknote is undergoing test circulation.