online scams

FALSE: P20 coins can be exchanged for P5,000 each

FALSE: P20 coins can be exchanged for P5,000 each
The central bank clarifies that the new P20 coin is a legal tender and can be used at face value. It warns the public against online sellers of the new P20 coin.
At a glance
  • Claim: The new P20 coins can be exchanged for P5,000 each.
  • Rating: FALSE
  • The facts: The new P20 coin, released in 2019 under the new generation currency (NGC) series, retains the major elements and value of the P20 banknote. The central bank warns the public against online sellers of the new P20 coin.
  • Why we fact-checked this: The post containing this claim has over 13,000 shares, 6,200 interactions, and 6,600 comments on Facebook, as of writing.
Complete details

A Facebook page named “PRC and NBI Online Appointment Service”  falsely claims that the new P20 coin can be exchanged for P5,000 each.

The photo was uploaded on Sunday, August 22. The post reads: “Isang Pilipino ang naging milyonaryo dahil sa naipon niyang isang bag ng P20 coin o humigit kumulang 307 pirasong coins at napapalit niya ito sa nag-kakahalagang P5,000 kada isa. At umabot ito ng P1,535,000 pesos.

(A Filipino became a millionaire because of his savings. He had a bag of P20 coins, about 307 pieces. He exchanged them for P5,0000 each and the amount reached P1,535,000.)

The post’s caption also includes links to the “full story” and a supposed “coin changer” page. The post has garnered over 13,000 shares, 6,200 interactions, and 6,600 comments on Facebook.

This is false.

The Bangko Sentral ng Pilipinas (BSP) released the new P20 coin on December 17, 2019, under the new generation currency (NGC) series. The coin retains the major elements of the P20 banknote, including the image of former President Manuel L. Quezon on the obverse side and the BSP logo, Malacañan Palace, and Nilad plant on the reverse side.

On July 16, the BSP, through its verified Twitter account, warned the public against online sellers advertising and selling the new P20 coins.

Ito ay legal tender at maaaring magamit na pambayad sa araw-araw na transaksyon,” the BSP said. ([The P20 coin] is a legal tender and can be used for payment in everyday transactions.)

Moreover, the links to the supposed “full story” and “coin changer” shared by the page only redirect to the website of Lazada, an online selling platform.

There are also no news reports from legitimate news organizations about a person successfully exchanging their P20 coins for a higher price.

The new P20 and enhanced P5 coin are the latest to be circulated under BSP’s NGC coin series. – Owenh Toledo/Rappler.com

Owenh Toledo is a graduate of Rappler’s fact-checking mentorship program. This fact check was reviewed by a member of Rappler’s research team and a senior editor. Learn more about Rappler’s fact-checking mentorship program here.

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