World of Coins

Modern Asian coins, pseudo coins and trade tokens => Other South-East Asia => Topic started by: eurocoin on April 07, 2016, 12:41:04 PM

Title: Philippines - New series of coins by 2017
Post by: eurocoin on April 07, 2016, 12:41:04 PM
After retiring old banknotes, BSP now studying new coin series for 2017

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.

[...]
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on June 19, 2016, 01:11:02 PM
The first time Philippines talked about New Genaration of Coins was on August 2, 2012 and it has been getting deferred since then.
Title: Re: Philippines - New series of coins by 2017
Post by: Figleaf on June 19, 2016, 02:36:32 PM
There is a new government with a mandate for change and acting against corruption in place now. Not sure if that will work in favour or against new coins, but it will certainly change the outlook.

Peter
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on June 19, 2016, 08:19:48 PM
Let us hope so.

New President in Nigeria should also expedite the new series whereas Saudi Arabia Monetary Authority's new Governor has already processed the award for minting new series, after the earlier Governor dilly dallied for nearly a year and a half.

Changes do usher in efficiency for a short period most of the time. Keeping my fingers crossed.
Title: Re: Philippines - New series of coins by 2017
Post by: Jostein on June 19, 2016, 09:30:10 PM
Let us hope so.

New President in Nigeria should also expedite the new series whereas Saudi Arabia Monetary Authority's new Governor has already processed the award for minting new series, after the earlier Governor dilly dallied for nearly a year and a half.

Changes do usher in efficiency for a short period most of the time. Keeping my fingers crossed.

+1  ;)
Title: Philippines - New series of coins by 2017
Post by: Bimat on June 20, 2016, 10:34:46 AM
The first time Philippines talked about New Genaration of Coins was on August 2, 2012 and it has been getting deferred since then.

Just like here in India, polymer banknotes were announced in 2007 or so and no one has yet seen them. :D

Aditya
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on June 20, 2016, 07:01:30 PM
India is still trying to work on polymer notes.

It is now looking for multilayered paper with polymer as one or two layers.


See

https://www.brbnmpl.co.in/english/TendersArchives?udt_520_param_detail=7952

Apparently, the authorities do not intend giving up 10 Rupees note in favour of a coin entirely.
Title: Re: Philippines - New series of coins by 2017
Post by: eurocoin on October 26, 2016, 04:45:21 PM
Things that were previously mentioned about the new coins:

- The Central Bank of the Philippines wants more secure coins. They plan to introduce an Electro Magnetic Signature so it will again be possible for vending machines to detect counterfeit coins.

- The dimensions of the 1,5 and 10 piso coins are likely going to be changed.

Title: Re: Philippines - New series of coins by 2017
Post by: eurocoin on March 06, 2017, 12:20:41 PM
Apparently again postponed:

Quote from: CNN Philippines
A new set of coins is also in the works, the BSP also revealed. The new coins, which could be in circulation by 2019, will sport new designs and an electronic magnetic signature safety feature to prevent counterfeits.
Title: Philippines - New series of coins by 2017
Post by: Bimat on July 21, 2017, 11:27:18 AM
BSP: New coin designs with security features out by year end

By: Ben O. de Vera

Philippine Daily Inquirer / 02:11 PM July 21, 2017

The Bangko Sentral ng Pilipinas (BSP) will release newly designed coins by yearend, although initially in a limited quantity, Deputy Governor Diwa C. Guinigundo said Friday.

Guinigundo disclosed that the BSP would no longer mint 10-centavo coins; as such, only the P10, P5, P1, 25-centavo, 5-centavo and 1-centavo denominations would be part of the new generation coins.

The BSP official said the new coin design will be rolled out before this year ends, while circulation “can also happen at the same time but in a limited capacity.”

Guinigundo said the new coins will bear some new security features, akin to those introduced in the new generation currency (NGC) banknotes.

But even with the issuance of new generation coins, the BSP would not yet demonetize the existing ones, Guinigundo said.

“It is more challenging to demonetize coins than banknotes. We will have to physically get them and collect them and do something with them” to lose value, he explained.

If ever the BSP would demonetize coins, Guinigundo said it may take them a few years.

“It can be extended considering the physical and logistical difficulty in surrendering the coins to the banks and the branches and regional offices of the BSP,” he said.

Source: Inquirer (http://business.inquirer.net/233601/bsp-new-coin-designs-security-features-yearend)
Title: Re: Philippines - New series of coins by 2017
Post by: eurocoin on July 21, 2017, 12:13:24 PM
A few months after the news article from CNN Philippines in which 2019 was mentioned as the year of issuance, one of the directors of The Royal Mint was interviewed and he still mentioned 2017, so I already had some doubts. All of these conflicting stories are very confusing.

Although the particular interview was about the future of cash in general, I think it is very well possible The Royal Mint was involved for technical help with the new security features the Philippines plan to introduce in their coins.
Title: Re: Philippines - New series of coins by 2017
Post by: Jostein on November 29, 2017, 11:07:54 AM
The first coin of the new series will be the 5 piso coin, that will be issue on November 30th. The rest of the coins of the new series will be issues on January 2018.

The new 5-piso NGC coin is 25 millimeters in diameter and weighs approximately 7.4 grams instead 27 mm and 7.7 grams of the current version.

http://www.bsp.gov.ph/publications/media.asp?id=4543


Title: Re: Philippines - New series of coins by 2017
Post by: redlock on November 29, 2017, 07:45:29 PM
Does anyone know where the NGC have been minted?
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on November 30, 2017, 05:32:09 AM
According to

http://bworldonline.com/central-bank-releases-new-design-p5-coins-featuring-bonifacio/

the coin is Nickel plated steel and minted in Philippines Security Complex.
Title: Re: Philippines - New series of coins by 2017
Post by: redlock on November 30, 2017, 09:19:00 AM
@Pabitra; Thanks for the information  :)
Title: Re: Philippines - New series of coins by 2017
Post by: malawi on November 30, 2017, 11:16:20 AM
finally new coins ! the current set is very ugly
Title: Philippines - New series of coins by 2017
Post by: Bimat on December 27, 2017, 03:30:36 PM
Binay asks BSP to temporarily halt rollout of new P5 coins

Gaea Katreena Cabico

MANILA, Philippines — Sen. Nancy Binay on Wednesday urged the Bangko Sentral ng Pilipinas to put on hold the issuance of the redesigned P5 coins, citing the New Generation Currency coins create confusion among the public.

Binay said the new P5 coins do not only confuse the public but they also impact small business.

"It's best to keep an eye on those new P5 coins lalo na doon sa mga nanunukli ng barya sa tricycle, jeep, tindahan at mga maliliit na negosyo," Binay said.

She noted that some mistook the new P5 coins with P1 coins, which are closely similar in size.

The new silver P5 coins feature Andres Bonifacio on the obverse, replacing Gen. Emilio Aguinaldo who is featured in the old design still in circulation.

The reverse side of the coins features Tayabak, an endemic plant in the Philippines that climbs tall forest trees.

Binay noted that the ordinary Filipinos are the ones who will be inconvenienced by the circulation of NGC series.

"We welcome the new and fresh designs of the NGC. But did the Numismatic Committee ever consider the behavioral change it will create and the possibility of confusion between the merchants and the public?" she said.

Philstar.com sought for BSP's comment on the matter but it is yet to reply to the request.

BSP has been rolling out the new P5 coins since December. It was unveiled a day before the commemoration of the 154th birth anniversary of the Bonifacio.

BSP said the rest of the NGC Coin Series will be released for circulation in January 2018.

Source: MSN (https://www.msn.com/en-ph/news/national/binay-asks-bsp-to-temporarily-halt-rollout-of-new-p5-coins/ar-BBHoyKq)
Title: Re: Philippines - New series of coins by 2017
Post by: eurocoin on January 02, 2018, 03:30:04 PM
Central Bank of the Philippines commented on the worries of Binay that can be seen in the message above that the confusion between the old P1 coin and the new P5 coin is unavoidable. BSP Deputy Governor Diwa Guinigundo rejected the appeal to stop the circulating of the new P5 coins, saying an information campaign “will not be effective because the public needs to see and hold and use the New Generation Currency (NGC) coins.” They also said they have a nationwide public information campaign through social media as well as print and broadcast media.

Although her request was rejected Binay today urged the Central Bank once more to delay the issuance of the new coins until April. She asks for a 4-month information campaign to avoid confusion. Certainly also for senior citizens and people with low vision issues. Furthermore she mentioned the ticket vending machines of public transport will not accept the new coins for at least the next 3 months as they have not been updated yet.

The other coins of the new generation are sheduled to be released January 18.
Title: Re: Philippines - New series of coins by 2017
Post by: Jostein on February 04, 2018, 11:51:12 AM
The new 1 peso coin has not been released officially but we can now know how it looks, thanks to this article: http://8list.ph/icymi-theres-a-new-p5-coin-and-the-internet-isnt-pleased/

The new coin will be smaller, thicker and heavier than the current one, but still keep it silver color. With this 2 mm difference between 1 peso and 5 pesos coins I'm starting to think that the P10 coin (26,5 mm) won't be changed...let's see.


Best,

 ;)
Title: Re: Philippines - New series of coins by 2017
Post by: <k> on February 04, 2018, 01:12:54 PM
A tobacco plant appears on the reverse of the 5 piso coin. How about the 1 piso coin?
Title: Re: Philippines - New series of coins by 2017
Post by: Jostein on February 04, 2018, 03:20:35 PM
A tobacco plant appears on the reverse of the 5 piso coin. How about the 1 piso coin?

I can't see well. José Rizal will appear again on the 1 peso coin, but with different portrait.
Title: Re: Philippines - New series of coins by 2017
Post by: <k> on February 04, 2018, 03:31:18 PM
It looks like some kind of lion head. Or maybe it's a map of an island.
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on February 04, 2018, 04:29:01 PM
A tobacco plant appears on the reverse of the 5 piso coin. How about the 1 piso coin?

Looks like some plant with name "Waing Waing". To me it appears to be something like lettuce.
Title: Re: Philippines - New series of coins by 2017
Post by: Stef on February 05, 2018, 10:55:07 AM
A tobacco plant appears on the reverse of the 5 piso coin. How about the 1 piso coin?
I think that Tayabak is not a tobacco plant but Strongylodon macrobotrys.
https://en.wikipedia.org/wiki/Strongylodon_macrobotrys (https://en.wikipedia.org/wiki/Strongylodon_macrobotrys)
Title: Re: Philippines - New series of coins by 2017
Post by: <k> on February 05, 2018, 11:16:00 AM
Thank you, Stef.  ;)
Title: Re: Philippines - New series of coins by 2017
Post by: Stef on February 05, 2018, 11:32:55 AM
Looks like some plant with name "Waing Waing". To me it appears to be something like lettuce.
The image is not very clear, perhaps waling-waling (Vanda sanderiana)?
Title: Re: Philippines - New series of coins by 2017
Post by: <k> on February 05, 2018, 11:35:39 AM
(http://www.worldofcoins.eu/forum/index.php?action=dlattach;topic=40607.0;attach=77148;image)

5 sentimo, aluminium.  Waling-Waling orchid.

Are you a botanist, Stef?
Title: Re: Philippines - New series of coins by 2017
Post by: Stef on February 05, 2018, 08:34:47 PM
Quote
Are you a botanist, Stef?
No, just googling :)
Title: Re: Philippines - New series of coins by 2017
Post by: Jostein on March 26, 2018, 10:48:29 AM
New coin series unveiled.
http://newsinfo.inquirer.net/978192/watch-bsp-teaser-video-shows-new-generation-coins

The new series includes coins of:
10 piso (0,15€)
5 piso (0,08€)
1 piso (0,015€)
25 centavos (0,003€)  :o
5 centavos (0,0007€)  :o  :o
1 centavo (0,0001€)  :o  :o  :o

I know that the value of the money is not the same in every country, but I think that the value of 1 centavo coin is "too much".

The 10 piso coin will be no longer bimetallic. I can understand this decision.

Best,

Jostein
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on March 26, 2018, 12:44:24 PM
1, 5 and 25 Sentimo coins are being issued to complete the legal requirements.
Similar change is expected in Thailand set to be announced shortly. Satang coins will be issued to complete the set and 10 Baht may no longer remain Bimetallic.

Set completion is legal requirement in many countries like Saudi Arabia, Finland, Netherlands, Italy, Belgium, Ireland etc. The smaller denominations ( Halala/1  & 2 cents etc) are not issued for circulation but are issued in sets.
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on March 26, 2018, 01:15:12 PM
The set

http://www.bsp.gov.ph/bspnotes/images/NGCCoinsPoster.jpg
Title: Re: Philippines - New series of coins by 2017
Post by: Figleaf on March 26, 2018, 02:14:32 PM
I am not aware of any such legal requirement in the Netherlands. Can you point me to the law or regulation in question?

Peter
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on March 26, 2018, 03:13:29 PM
You need to buy unc set of Netherlands.
Where do you get 1 and 2 cents in Netherlands in circulation?
Title: Re: Philippines - New series of coins by 2017
Post by: chrisild on March 26, 2018, 06:08:50 PM
Have not heard of such a legal requirement in any euro country. Sure, no euro country can simply declare such coins to not be legal tender; that would require a decision that applies to the entire euro area, and of course that is not going to happen. But whether they are produced or not, is up to the government or mint. And of course the mints will continue to produce them - they do not only want to make money but also want to make money. ;)

More about the Philippines circulation coins:
http://www.bsp.gov.ph/publications/media.asp?id=4641
https://www.facebook.com/BangkoSentralngPilipinas/videos/1694125823984573/
https://www.facebook.com/BangkoSentralngPilipinas/videos/1693992943997861/

Christian
Title: Re: Philippines - New series of coins by 2017
Post by: eurocoin on March 26, 2018, 06:20:14 PM
that would require a decision that applies to the entire euro area, and of course that is not going to happen.

As far as I know the future of the 1 and 2 euro cents coins is currently being reconsidered and the possibility that they will be demonetized was not outruled as yet.
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on March 26, 2018, 08:07:05 PM
Germany will never approve abolishing 1 & 2 cents since at their economies of scale of production, it is still a viable coin. On the other hand, some countries like Greece, Portugal etc., people are happy to use it and do not want to round their bills.
Title: Re: Philippines - New series of coins by 2017
Post by: chrisild on March 26, 2018, 11:54:15 PM
Well, last time I checked, the Philippines had no intention to introduce the euro ;) so that is moot in the context of this topic. ;D

Christian
Title: Re: Philippines - New series of coins by 2017
Post by: Figleaf on March 27, 2018, 11:19:34 AM
I also doubt the economies of scale argument. By maintaining five mints, Germany is rather lowering any economies of scale they have. It's more like: we are making a loss on every unit sold, but we have a great turnover. :)

Peter
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on March 30, 2018, 03:33:24 PM
I also doubt the economies of scale argument. By maintaining five mints, Germany is rather lowering any economies of scale they have. It's more like: we are making a loss on every unit sold, but we have a great turnover. :)
Economies of scale would depend more on quality of man power and equipment than on number of mints or number of pieces minted.
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on March 30, 2018, 04:44:51 PM
Meanwhile, the new set stands issued.
Title: Re: Philippines - New series of coins by 2017
Post by: Pabitra on April 17, 2018, 07:32:19 AM
The set
Title: Philippines - New series of coins by 2017
Post by: Bimat on May 11, 2018, 09:35:36 AM
New currency banknotes, coins, presented to President Duterte

The Bangko Sentral ng Pilipinas (BSP) on Wednesday, May 9, presented to President Rodrigo Duterte the new generation currency (NGC) banknotes and coins, with the Chief Executive encouraging the public to use the new currency wisely and responsibly for national development.

The BSP Monetary Board led by Gov. Nestor Espenilla Jr. presented the NGC enhanced banknotes and coins to President Duterte at the Reception Hall of the Malacañan Palace.

“I ask the public to join us in welcoming the new generation currency banknote and coin series,” President Duterte said in his speech during the event.

“Let us use them wisely and responsibly for our personal and our country’s advancement. Rest assured that the government will continue to implement initiatives such as this to give a better life for every Filipino,” he said.

The President said he is grateful that the BSP took the lead in creating stronger and safer financial systems and safeguarding the integrity of the Philippine currency.

As required by law, President Duterte said there is a need to change the design of the banknotes and coins to enhance its security features as well as to prevent forging and improve durability.

“Initiatives like this are meant to promote public trust and confidence in our financial system,” he said.

At the same time, the President called on the BSP to stop illegal activities that impede efforts in promoting the integrity of the nation’s currency.

He wants the BSP to intensify its programs against counterfeiting and conduct more campaign to protect the public from confusion and deceit.

The President also said the BSP must also remain vigilant in ensuring price and financial stability, instituting banking reforms and sharpening strategies.

“We do this because public interest is at the heart of this administration’s priorities,” he noted.

The NGC banknotes were issued in 2010 and its design was enhanced in December 2017. The enhancements highlight significant moment in the nation’s history, as well as world heritage sites and iconic natural wonders.

The enhanced banknotes also bear the signature of President Duterte, the country’s 16th president.

The NGC coins feature the BSP logo, national heroes and endemic flora.

In minting the coins, the latest technology was adopted to deter counterfeiting, improve wear, resist corrosion, save minting cost and avoid risks from volatile fluctuations in metal prices as well as deter coin hoarding for the purpose of illegal metal extraction.

Monetary board members who attended the event were Finance Secretary Carlos Dominguez III, Felipe Medalla, Juan de Zuniga Jr., and Antonio Abacan Jr.

Also present were BSP Deputy Gov. Diwa Guinigundo, Deputy Gov. Chuchi Fonacier, Assistant Gov. Dahlia Luna and other BSP officials.

Source: Asian Journal (http://www.asianjournal.com/new-currency-banknotes-coins-presented-to-president-duterte/)