LOOK: Bangko Sentral will be releasing a new 20-peso coin this 2019

An official of the Bangko Sentral ng Pilipinas (BSP) shared on Wednesday, July 17, that the P20 orange bill will have a coin version soon and the design of the coin is currently being completed, according to BSP Assistant Governor Dahlia Luna.

Photo Credit: Mari Lorica

In another statement shared by the BSP on Friday, July 19, they mentioned the careful planning they are putting into the design and features of the soon-to-be-released P20 coin.

“As with previous currency issuances and enhancements, the design, security features, and specifications of the P20 coin shall be a result of an extensive and in-depth deliberation by the BSP’s Committee on Currency Design and Enhancements,” said the central bank.

“The committee’s proposal shall be submitted to the Monetary Board and then recommended for final approval of the President of the Philippines.”

In 2010, the P20 bill design was released which has the front image of former president Manuel Quezon and at the back, it features our Banaue Rice Terraces and palm civet.

A study finds that Filipinos frequently use P20 bills, leading to the banknote’s wear and tear where the coin version will extend its life span, according to Rappler.

A study by the University of the Philippines finds that P20 bills are frequently used by Filipinos and was found to be the dirtiest among all denominations, which Luma said is the reason they considered the creation of a coin counterpart.

It was also shared that bills are not as durable as coins and this is the reason the central bank took into consideration for launching the coin version.

“The life span of a coin when recirculated is more than 10 to 15 years compared to banknotes which is less than one year,” Luna mentioned.

The P20 coin is set to launch around the 4th quarter of 2019 or the 1st quarter of 2020.

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