The P20 New Generation Currency (NGC) banknote remained legal tender, according to BSP.
On Monday, the Bangko Sentral ng Pilipinas (BSP) advised the public that the P20 New Generation Currency (NGC) banknote remained legal tender and could be used for transactions alongside the P20 NGC coins.
GMA News Online reported that the P20 NGC banknotes would be gradually removed from circulation through “natural attrition” or until the P20 banknotes became unfit for recirculation.
The central bank had recently issued an advisory to banks to promote the distribution, recirculation, and mobilization of the P20 NGC coins.
Last December 17, 2019, the Bangko Sentral ng Pilipinas released the new P20 NGC coin.
The bi-color P20 coin retained major elements of the P20 banknote — the obverse side of the P20 coin featured Manuel L. Quezon, while the reverse side showed the BSP logo, the Nilad plant, and the Malacañang Palace.
READ ALSO: BSP Explains Reason For Not Including 20-Peso Bill In ‘Enhanced’ NGC Banknotes
Moreover, the Bangko Sentral ng Pilipinas encouraged the public to properly use and recirculate Philippine coins for their cultural and economic value.
Meanwhile, Manila Bulletin reported that the BSP and the payments industry will roll out the Quick Response or QR Ph person-to-merchant (P2M) payments “in the coming days”, allowing the unbanked market vendors, small businesses, tricycle drivers, and sari-sari store owners to transact digital payments.
“The BSP will continue to work with the PPMI to ensure that every Filipino can have meaningful participation in an increasingly digital Philippine economy,” BSP Governor Benjamin Diokno said in a recent PPMI meeting.
The Philippine Payments Management Inc. (PPMI) was a self-governing body.
Based on a report on Manila Bulletin, the QR Ph P2M trial run had been ongoing since July 2021 with both PPMI and BSP conducting the initial adoption.
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