BSP defends design for new P5 coin, differentiates it from P1 coin
MANILA, Philippines – In light of an appeal to stop the circulation of the new P5 coin, the Bangko Sentral ng Pilipinas (BSP) defended the need to change its design, saying it will discourage acts of illegal extraction and lead to cost-efficient production procedures.
"The need to enhance the security features of our coins using the latest technology in minting given counterfeiting; the need to change our coins' metallic composition to discourage acts of illegal extraction of their metal content; and the need to adapt more cost-efficient production processes, provide rationale for the change," the central bank said in a statement on Thursday, December 28.
The central bank issued the statement after Senator Nancy Binay appealed to stop issuing the new P5 coin, as it allegedly causes confusion in terms of size and color when compared with the P1 coin.
Meanwhile, BSP said it acknowledges observations that the new P5 coin released this December has similarities with the existing P1 coin. (READ: Printing error caused 'faceless' P100 bills, BSP says)
To alleviate any confusion, the BSP highlighted the differences between the two coins:
- The new P5 coin is heavier (7.4 grams), thicker (25-millimeters in diameter) and slightly larger than the P1 coin;
- The new P5 coin's sides are smooth, while the P1 coin has ridges;
- the designs of the two coins are distinctly different, with the P5 coin having markings of "ANDRES BONIFACIO" and "5 PISO" in the obverse of the coin.
BSP said the issuance of the new generation currency coins "was a result of an extensive and in-depth study by two expert committees of the BSP – the Numismatic Committee and the Currency Management Committee."
The central bank added it is no longer extending the December 29 deadline on the exchange of the new denomination series (NDS) banknotes demonetized last June 30.
The deadline for the exchange of the NDS bills launched in 1985 was extended from the original deadline of December 31 last year to March 31, then to June 30, and eventually to December 29 due to public clamor.
BSP, however, announced that those who fell in line but could not be accommodated due to the close of banking hours at 2 pm would be given forms so they could exchange their old bills until January 3.
The BSP launched the NGC banknotes in the market in 2010. The NGC series allows easy identification of each denomination because of the dominant color that uses distinct and primary inks, BSP said. – Rappler.com