BSP: “The 20-Piso NGC and enhanced 5-Piso coins are legal tenders.”
BSP — On Tuesday, the Bangko Sentral ng Pilipinas warned the public against buying the 5-Piso and 20-Piso coins at higher prices from online sellers as both coins are still in circulation.
According to the central bank, there were 290.09 million pieces of the 20-Piso new generation currency (NGC) coins and 1.90 billion pieces of the enhanced 5-Piso coin in circulation as of end-February 2022.
The 20-Piso NGC coin was officially launched in 2019 and it featured the BSP logo and the Malacañan Palace on the reverse side and former President Manuel Quezon on the obverse side.
GMA News Online reported that the 20-Piso coin was also among the finalists of the best new coins at the International Currency Awards which was won by the P20 commemorative coin of the Banco de México.
BSP also launched the “enhanced” version of the 5-Piso NGC coin in December 2019, having a nonagon shape.
The reserve side shows a rendition of the BSP logo and the Tayabak or Jade vine, while the obverse side features a portrait of Philippine hero Andres Bonifacio.
Based on the report, the central bank originally released the NGC coins in March 2018, touting enhanced aesthetics and security features. However, a lawmaker called for the full recall of the NGC coins because of their supposed design flaws, which caused public confusion.
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In an advisory, the central bank said that consumers shouldn’t buy the 20-Piso and enhanced 5-Piso coins at higher prices since those coins are still in circulation.
“The Bangko Sentral ng Pilipinas (BSP) reminds the public that the 20-Piso and enhanced 5-Piso coins are still in circulation, and should not be bought at prices higher than their respective face value from online sellers,” the central bank said. “The BSP calls on the public’s cooperation in preserving the integrity of Philippine coins and banknotes.“
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