BSP explained the reason for not including a 20-Peso bill in its “Enhanced” NGC Banknotes
The Bangko Sentral ng Pilipinas (BSP) explained its reason why a 20-Peso bill wasn’t included in their “Enhanced” New Generation Currency (NGC) banknotes.
Benjamin Diokno, the Governor of the Bangko Sentral ng Pilipinas, said that they’re still making 20-peso banknotes, but they were only using the “available raw materials” for it.
Diokno emphasized that the government could save more on making 20-peso coins just because it’s “long-term” compared to the previous 20-peso banknotes that were quickly fading.
Moreover, the Bangko Sentral ng Pilipinas clarified that the “Enhanced” New Generation Currency banknotes would be released into circulation in connection with the previously-launched New Generation Currency banknotes which would be removed gradually.
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The announcement on the “Enhanced” New Generation Currency banknotes came a year after the Bangko Sentral ng Pilipinas had launched the 20-peso coin that would replace the currently-circulated 20-peso banknote.
Meanwhile, the Bangko Sentral ng Pilipinas currently produced the majority of Philippine Banknotes, adding that the Bangko Sentral ng Pilipinas planned to develop a “roadmap” in order to meet banknote requirements in the Philippines.
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