MANILA - The Bangko Sentral ng Pilipinas on Friday said replacing the P20 bill with a coin entails "extensive and in-depth" deliberation amid reports that a coin version of one of the most common denominations could be released before the year ends.
In a statement, the BSP said a total systems study on the currency cycle conducted by the University of the Philippines recommended the replacement of the banknote with a coin as it is "the most used denomination for small value transactions causing it to be easily unfit and returned to the BSP for replacement."
"As with previous currency issuance and enhancements, the design, security features and specifications of the proposed P20 coin will be a result of an extensive and in-depth deliberation by the BSP's Committee on Currency Design and Enhancements," the statement said.
The committee's proposal will be submitted to the monetary board and then recommended for the President's final approval, the BSP said.
The BSP recently released the first set of banknotes bearing the name and signature of BSP Governor Benjamin Diokno, who assumed office last March 6.
-- with a report from Bruce Rodriguez, ABS-CBN News