- The Bangko Sentral ng Pilipinas has finally revealed the design of the P20 coin to the public
- The BSP also showcased the fresh look of the P5 coin that now has nine sides
- According to the BSP, the initial batch of the P20 coins will be released to the public before Christmas
- Meanwhile, the new P5 coin will go into circulation during the first quarter of 2020
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The Bangko Sentral ng Pilipinas (BSP) has finally revealed the look of P20 coin on Tuesday.
KAMI learned that the BSP also unveiled the new and enhanced design of the P5 coin.
In a report by the ABS-CBN News, the P20 coin displays the image of former President Manuel L. Quezon on the front side and the image of Malacañang Palace and logo of the BSP on the other side.
It also included the image of native flora called Nilad. It is believed to be the inspiration behind the capital of the Philippines, Manila
According to the BSP, the P20 coin along with the bill will be “more cost-effective” because it will have a longer circulation life.
As per BSP Gov. Benjamin Diokno, it costs about P2 to produce a P20 bill that could last for 6 months, while it costs P10 to create a P20 coin that could last up to 10 years.
As reported by the GMA News Online (authored by Jon Viktor Cabuenas), BSP Assistant Governor Dahlia Luna said that the initial batch of the 500,000 pieces P20 coins will be released before the Christmas.
"We will issue in bulk starting first quarter next year. These coins will coexist with P20 banknotes until supply (of the banknote) lasts until 2021," Luna said.
A fresh look at the P5 coin was also launched to the public. It has nine sides to make it more distinct from the other coins.
The new P5 coin is expected to go into circulation by the first quarter of 2020.
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