Philippines: New Coin Series Planned by 2016/2017

[Bimat]

Plans for new coin series by 2014: BSP

30-Jul-2012
Author : Editor

A new generation of coins could be unveiled by the Bangko Sentral ng Pilipinas (BSP) in 2014, a central bank official said. Studies are now being conducted in line with this plan.

"Pretty soon we will be coming out with a new generation of coins. We are now looking at security features, the size and the dimension, among others," BSP Deputy Governor Diwa Guinigundo told The STAR.

"A few years from now, maybe by 2014 (we will release them)," he added.

Present coins in circulation have been existing for the past two decades, Guinigundo said, way past their supposed life of five to 10 years.

Also, just like monetary bills, the deputy governor said coins should be replaced to "reflect the many events that have happened" in the previous years.

Designs are also "already old," Guinigundo said, explaining that "new technologies" would not only protect the coins from counterfeiting but would also save BSP costs.

"Although coins now are not likely to be counterfeited since it will no longer be profitable to do so," he clarified. He pointed out that BSP has been using steel instead of the more expensive nickel in making coins.

Last year, BSP released its new generation of bank notes featuring a face-lift of the present 20-peso, 50-peso, 100-peso, 200-peso, 500-peso and 1,000-peso bills which bear younger faces of icons, new Philippine attractions and an enhanced security feature.

The new set of peso bills was even named one of the finalists for best new currencies in the world in a global contest organized by the International Association of Currency Affairs.

For the coins, Guinigundo said the central bank is in the process of determining "what denominations will be dropped and what will be retained."

Source

[Bimat]

BSP to release New Generation coins in 2016

Written by Bianca Cuaresma

THE Bangko Sentral ng Pilipinas (BSP) will soon release so-called New Generation coins (NGCs) after it released newly designed banknotes three years ago, it was learned on Wednesday.

Diwa Guinigundo, BSP deputy governor for the monetary stability sector, said the central bank is now working on the release of the NGCs before 2016.

On the timeline of the new coin designs, Guinigundo said the BSP committee in charge is working on them until next year. The design and features are expected to be finalized next year and may be rolled out in 2016.

"Again, before these coins [come] out, it has to be approved by the governor of the [BSP] and then [by] the President of the Republic of the Philippines," Guinigundo said.

In December 2010 the BSP released new-generation peso bills with new depictions of the country's national heroes and famous Philippine sites.

Guinigundo said the BSP will have to demonetize first the old line of bank notes and then introduce the NGCs. The old coins will be demonetized after that.

He, however, did not disclose whether or not the new coins will still feature the same national heroes. He also did not say if new denominations will be added, or if one or more denominations will be excluded from the NGCs.

Source: Business Mirror

[monedas1980]

new coins should exclude 1,5,10 centavos and add 50 centavos, 2 and 20 pesos

[Bimat]

After retiring old banknotes, BSP now studying new coin series for 2017

Monday, May 25, 2015
By JEANDIE O. GALOLO

AN OFFICIAL of the Bangko Sentral ng Pilipinas reported that a new coin series will be issued in the next two years.

The information came from BSP Currency Issue and Integrity Office (CIIO) Managing Director Iluminada Sicat yesterday at the sidelines of the central's banks demonetization press briefing held at the BSP Cebu office in Osmena Boulevard.

"Probably in the later part of 2016 or early part of 2017 (BSP will release the new coin series)," Sicat said.

At present, the official said BSP's technical committee is studying the design of the new coin series, which is expected to be completed within the year.

The results of the study is subject to the approval by the Monetary Board, followed by the President's approval in 2016.

The existing coin series, available in seven denominations, is older than the old banknotes dubbed as the New Design Series (NDS) which will lose its value starting next year. The old notes have been in circulation for almost three decades.

During yesterday's press conference, BSP officials advised the public to exchange their old banknotes as early as possible because by Jan. 1, 2016, the old notes can no longer be used for daily transactions. These will no longer be accepted for the paying and buying of goods and services next year.

However, BSP Cebu Acting Director Leonides Sumbi clarified that the public may exchange with authorized financial institutions, namely universal and commercial banks, thrift banks, and rural as well as cooperative banks, their old banknotes with the New Generation Currency (NGC) at full face value, without charge until Dec. 31, 2016.

Starting Jan. 1, 2017, the old notes that have not been exchanged shall no longer have monetary value.

There are 542 million pieces of old notes in circulation equivalent to P112 billion.

While BSP has started the process in January, a retail chain establishment in Cebu reported that some banks continuously issue them old bank notes.

To help address this, Cebu Bankers Club president Gino Gonzales said the organization will issue a directive advising the banks to stop issuing the old notes.

"We cannot force them not to issue the old notes because these are still being accepted for now," Gonzales said in Cebuano at the sidelines of the press conference. However, he said that if banks become compliant, this will fast-track the process.

For overseas Filipinos workers who have in their possession old banknotes that could not be exchanged within the prescribed period, BSP said they may register online from Oct. 1 to Dec. 31, 2016 through the BSP website.

Source: Sun star

[Figleaf]

Just looking at the dates, I wonder whether working for the BSP is relaxed, because nothing is urgent or stressful, because of the Sisyphus syndrome.

Peter

[Enlil]

They are happy in ripping people off by demonetizing the old currency, those poor poor people in remote areas.

[Pabitra]

The new series of coins deferred again.

See

http://www.bworldonline.com/content.php?section=TopStory&title=bsp-plans-new-coins-by-2019&id=117822

Smaller denominations may be axed.