MANILA – The Bangko Sentral ng Pilipinas on Tuesday launched the P20 coin which would replace the banknote form of the currency.
The P20 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 P20 bill with a coin is "more cost-effective" since it will have a longer circulation life, the BSP said. It costs P2 to produce a P20 bill, which lasts for 6 months, while it costs P10 to make a P20 coin that could last for 10 years, BSP Gov. Benjamin Diokno said.
The P20 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 P5 coin was also introduced featuring nine-sides to make it more distinct from other coins.
The new P20 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 P20 in circulation by 2020.