The Bangko Sentral ng Pilipinas (BSP) will release in circulation a 20-Piso coin in 2020 to replace the P20 banknote that is too easily soiled and worn by frequent use in wet markets and small transactions. The scheduled ceremonial launch for the 20-Piso coin will be held December this year.
A study conducted by the University of the Philippines reveals that the 20-Piso banknote is the most-used denomination for payments across the country. Because of this, the 20-Piso banknote is easily rendered unfit for circulation and returned to the BSP for replacement. As such, the issuance of a coin in lieu of a banknote is more cost efficient in terms of currency production in the long run.
Official photographs and specifications of the 20-Piso New Generation Currency (NGC) coin shall be presented by BSP Governor Benjamin E. Diokno during its launch. To date, the BSP has not released any official image regarding the proposed 20-Piso coin.
Nevertheless, the latest addition to the NGC Coin Series shall retain major elements of the 20-Piso banknote. The design and features of the new 20-Piso coin shall make it easily distinguishable from the rest of the denominations in the NGC Coin Series.
Once circulated, the new 20-Piso coin shall co-exist with the 20-Piso NGC banknotes as legal tender. The 20-Piso banknote shall be gradually removed from circulation through natural attrition.
Apart from the 20-Piso coin, the BSP shall also release in circulation an enhanced 5-Piso NGC coin to make it more distinct from other denominations in the NGC Coin Series. The changes were based on studies on the design, security features, and specifications of the new coins.
