MANILA - The Bangko Sentral ng Pilipinas (BSP) on Monday formally launched new designs for Philippine coins.
Dubbed as the New Generation Coin series, the new designs feature three of the country's national heroes, plants that can be found only in the Philippines, various security enhancements as well as new materials, according to the BSP.
Apolinario Mabini is featured on the P10 coin with the Kapa-kapa plant at the back.
The P5 coin features Andres Bonifacio with the Tayabak plant at the back.
National hero Jose Rizal figures in the P1 coin with the Waling-waling plant at the back.
The 25 centavo, 5 centavo and 1 centavo coins feature the Philippine flag's three stars and a sun in front and some of the more common indigenous Philippine plants.
Micro-printed details using laser-engraving technology were used for the P10 and P5 coins, which will make it harder for these coins to be counterfeited. Nickel-plated steel was also used for these coins in place of alloy to make them more resistant to corrosion.
The BSP said old coins will remain legal tender and can be used alongside the new generation currency coins for day-to-day transactions.
“It’s more challenging to demonetize coins than bank notes. They are very very heavy, and have small value. You’ll have to hold them by container vans, but you’re holding small amounts," said BSP Deputy Governor Diwa Guinigundo.
Around 139.5 million of these New Generation Currency coins have been initially released. - Michelle Ong, ABS-CBN News