We will soon be paying for anything worth 20 pesos not with the bill we’ve all come to know, but with an entirely new and handy coin.
Yes, you read that right. Twenty-peso coins are on their way to the consuming public, courtesy of the Bangko Sentral ng Pilipinas.
BSP Senior Assistant Governor Dahlia D. Luna, the head of the central bank’s Security Plant Complex (SPC), the unit that prints Philippine banknotes and mints coin, says the agency’s policy-making Monetary Board has instructed them to come up with a design for the denomination, according to a Philippine News Agency report.
The order comes after an undisclosed study from the University of the Philippines has revealed that the 20-peso bill is the most used denomination among all the banknotes, primarily because it is the smallest in terms of value.
Coins last longer in circulation, too, even though producing them cost more than bills. Luna says that a 20-peso bill remains in good, functional condition for about six months. Coins, however, can last up to 15 years when recirculated properly.
As of writing, no official design has been released yet, but Luna says the 20-peso coin will most likely be round like the other coins under the New Generation Currency (NGC). It will also be released either by the end of the year or in the first quarter of 2020.
Featured Image by Roc Verdera
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