PSA: New P20 Coin to Be Rolled Out in 2020
The final design will be released in December.
(SPOT.ph) While we're still reeling from the release of the new coins—TBH, we still can't tell the peso, five-peso, and even the P10 coins apart—news has been floating around that the P20 bill is next in line for a coin conversion. Well, the Bangko Sentral ng Pilipinas has set a timeline: a new P20 coin will be rolled out in 2020.
According to a report by ABS-CBN News, the final design will be presented during the launch of the coin itself in December. The BSP has said that the design will keep the bill's major elements and will be "easily distinguishable."
Manolo Quezon (a.k.a. Manuel L. Quezon III on Twitter), grandson of the former president, has said online that BSP reached out to their family to ask about retaining their patriarch's figure on the new coin. While the family is honored, Quezon pointed out that the coin could be taken as "a signal of devaluation," adding that people may see it as a "signal of the shrinking value of our currency."
The current P20 bill was found to be the most used—read: dirtiest—banknote in circulation, prompting the BSP to convert it to a coin. While the minting of the coin will be more expensive than the bill, "The lifespan of a coin when re-circulated is more than 10 to 15 years compared to banknotes, which is less than one year," said BSP Assistant Governor Dahlia Luna in a report by the Philippine Star.
Main image by Mia Rodriguez.