BSP To Release P20 Coin Version
The Bangko Sentral ng Pilipinas is now planning to create a coin version of P20 and might be released around the last quarter of the year 2019.
BSP Senior Assistant Governor Dahlia D. Luna announced that they are now finalizing the design of the P20 coin.
The idea of creating a P20 coin comes after the University of the Philippines discovered that it is one of the dirtiest denominations because it was the most used paper bill nationwide.
Luna also said that coins are more durable than bills because they could last up to 15 years while paper bills remain in good condition for only six months.
“The lifespan of a coin when recirculated is more than 10 to 15 years compared to banknotes which is less than one year,” Luna said.
The BSP official said that the coin counterpart would extend the money’s life span although the manufacturing cost is more expensive than the production of paper bills.
However, Luna did not give further details and information about the new denomination but it was expected to be released within the 4th quarter of 2019 or first quarter of 2020.
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