Published: Thursday 22 December, 2016

New Philippine Coin Designs Coming, Some Denominations May be Dropped

A new set of designs for Philippine coins is under way. The new designs will come out ‘in a year or so’.

Philippine coins

New designs for Philippine coins coming out soon.

The new Philippine coin designs are already under study. This was revealed by Bangko Sentral ng Pilipinas (BSP) Diwa Gunigundo in an interview with DZMM.

According to Gunigundo, immediately after the new Philippine peso bill designs came out a few years ago, a study was launched for the Philippine coins. Aside from new designs for each of the denominations in circulation, the study also involves looking into new technology that would make coins cheaper to produce and more durable.

Gunigundo also assured the public that there will be plastic coins coming out.

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Parts of the study also involves the demand for each denomination of the Philippine coins. According to Gunigundo, one or two denominations may be dropped because of lower demand. But, definitely, the larger denominations – P1, P5 and P10 coins will stay in circulation.

The BSP executive also said that 1 centavo (P0.01) coin will also stay because it is mandated by law.

Once the design of the new Philippine coins are finalized at the BSP, these will be presented to President Rodrigo Duterte for approval, after which the news coins will be minted.

Are there enough Philippine coins in circulation?

The BSP has produced enough coins for circulation in the whole country. In fact, Gunigundo said, there is more than enough. The problem is distribution.

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A good number of Philippine coins are being ‘hoarded’ by Filipinos inside their homes or in piggy banks. Some are circulating within the jueteng system where coins are placed as bets daily all over the Philippines.

In some other cases, business owners were too lazy to maintain an inventory of coins for their working change. This was the reason why some businesses used candies as change instead of coins.

It’s a good thing a law has been passed prohibiting this. Now, everyone receives their exact change in coins, not candies.

 

 



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