The Bangko Sentral ng Pilipinas on Tuesday launched the ₱20 coin which would replace the banknote form of the currency.
The ₱20 coin retains the image of former President Manuel L. Quezon on the front side, and the BSP logo and the Malacañang Palace on the flip side.
It also showcases the native flora called Nilad, believed to be the inspiration behind the Philippine capital's name Manila, the BSP said.
Replacing the ₱20 bill with a coin is "more cost-effective" since it will have a longer circulation life, the BSP said. It costs ₱2 to produce a ₱20 bill, which lasts for 6 months, while it costs ₱10 to make a ₱20 coin that could last for 10 years, BSP Gov. Benjamin Diokno said.
LOOK— Bruce T. Rodriguez (@BruceTRodriguez) December 17, 2019
Obverse and reverse side of new P20 coins which will go into circulation by Q1 2020 pic.twitter.com/VTEzrgv9FF
The ₱20 coin is also the most used denomination for payments in the country, the BSP said. The coin will co-exist as a legal tender along with the banknote, which will be removed from circulation through natural attrition, it said.
An enhanced ₱5 coin was also introduced featuring nine-sides to make it more distinct from other coins.
The new ₱20 coin will be the highest denomination in the BSP's New Generation Currency (NGC) series launched in 2018.
The BSP earlier said it would release the new ₱20 in circulation by 2020.
LOOK— Bruce T. Rodriguez (@BruceTRodriguez) December 17, 2019
Obverse and reverse side of newly designed P5 coins which will also go into circulation by Q1 2020 pic.twitter.com/saMCMyQgA4
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This article first appeared on ABS-CBN News.
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