MANILA -- The Bangko Sentral ng Pilipinas said Monday it would release into circulation a P20 coin by 2020, replacing the bill form of the country's most widely-used denomination for payments.

A P20 coin, instead of a bank note, will be more cost-effective, the BSP said. The P20 coin will be launched ceremonially in December for circulation the following year.

The final design for the P20 coin will be presented to central bank Governor Benjamin Diokno during the launch. It will retain "major elements" of the bill and will be "easily distinguishable" from other coins, the BSP said.

The BSP said it would also release an "enhanced" version of the P5 coin to make it more distinct from other coins. Consumers have complained that the P5 coin is difficult to tell apart from the P1 coin.

The current P20 bill is colored orange and has the images of former president Manuel L. Quezon and Malacanang Palace on one side and the Banaue Rice Terraces and the palm civet on the flip side.