Money

BSP to launch P20 coin, enhanced P5 coin in December

The Bangko Sentral ng Pilipinas announced it would launch the coin version of the P20 bank note by December.

The Bangko Sentral ng Pilipinas announced it would launch the coin version of the P20 bank note by December.

BSP said the design and features of the P20 coin would be easily distinguishable from the other coins.

The P20 bill is the most used denomination among the bank notes because of its small value.

According to the BSP, the P20 coins will be be released into circulation by 2020. The P20 bills will eventually be phased out.

There are currently six coins in use which received a major overhaul last year.

Meanwhile, the BSP will also come out with a new P5 coin following complaints that the existing one is too similar to the P1 coin.

“Pretty soon, there will be no more confusion between the P1 and P5, which will have a wave design on its edge,” the BSP said.

People welcomed the good news from.the central bank.

There were some who took this opportunity to request for a new P10 coin.

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