BSP to roll out redesigned coins by yearend

Vivienne Gulla, ABS-CBN News

Posted at Jul 21 2017 07:46 PM

MANILA- The Bangko Sentral ng Pilipinas (BSP) is looking to launch redesigned coins with new security features before the end of the year.

Central bank Deputy Governor Diwa Guinigundo said Friday that the new generation coins would be released and circulated within the year.

The BSP has also decided to drop the 10-centavo coin from the roster, Guinigundo said.

"We are just waiting for the bidding of one of the denominations to materialize, and later on we can roll it out. Actually, there was one denomination that was dropped. It's the 10 centavos," he said.

Guinigundo added that the BSP would allot 1 to 2 years to completely demonetize old coins.

"It is more challenging to demonetize coins compared to bank notes. It can be extended considering the logistical difficulty of surrendering coins in banks," he said.