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Philippines May Stop Issuing 5, 10 Centavos Coins

Started by Bimat, December 28, 2015, 05:26:17 AM

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Bimat

BSP may stop minting 5, 10-centavo coins

by Chino Leyco
December 27, 2015

The country's monetary authorities may drop the five centavo and 10 centavo coins by 2017, the Bangko Sentral ng Pilipinas (BSP) said over the weekend.

BSP Deputy Governor Diwa C. Guinigundo said the central bank is consulting with stakeholders about the planned exclusion of five-centavo and 10-centavo from the new generation coins to be released in 2017.

"We may drop five and 10 centavo denominations," Guinigundo said in an interview over ABS-CBN News Channel last Saturday. "There's an ongoing consultation with stakeholders in determining the usefulness and relevance of these denominations."

Guinigundo, however, disclosed the central bank cannot stop minting one-centavo coins due to restrictions slated under the BSP charter.

"What we want is to simplify the series of coins in the system, avoid confusion, and for people to have high regard for coins," the BSP official said.

Currently there are one-centavo, five-centavo, 10-centavo, 25-centavo, P1, and P5 coins in circulation, which have been in the market since 1995.

The BSP also has the P10, first issued in 2001, bearing the profiles of Andres Bonifacio and Apolinario Mabini in a con-joint manner on the obverse side.

Guinigundo earlier said central bank's Numismatic Committee has already completed the study on various security features, design, and dimensions of the new generation coins.

"We will be finalizing all our recommendations for the approval by the Monetary Board," Guinigundo said.

As provided by the BSP charter we will also be going to MalacaƱang for the presidential approval of the proposed design, security features, dimensions of the new generation coins," he added.

Guinigundo also said they are proposing the electromagnetic signature (EMS) technology feature for the new generation coins to strengthen the security features of these new coins.

"With respect to the coins, there will be rationalization in terms of number. Some denominations will have to go because they have outlived their usefulness as far as the general public is concerned," Guinigundo had said.

He also added the dimensions of the coins would also be altered due to the high demand for high-denominated coins such as P1, P5, and P10.

Source: Manila Bulletin
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