By Calvin D. Cordova
Cebu City — The Bangko Sentral ng Pilipinas (BSP) will launch the New Generation Currency (NGC) series during its anniversary in July.
Leonides Sumbi, regional director of BSP in Central Visayas, said the release of the new coins is not meant to create confusion as BSP will soon demonetize the old coins.
Last year’s release of a new P5 coin that features Andres Bonifacio has been because it closely resembles the old P1 coin in size and appearance.
Sumbi said BSP is expecting that by July, new coins will be available nationwide.
To help the public distinguish the between the old and new coins, BSP will partner with local government units in conducting information campaigns.
Sumbi advised the public to examine the new coins carefully.
So far, 1,000 bags of P10, 1,000 bags of P5, 1,000 bags of P1, 85 bags of 25c, 180 bags of 5c and 90 bags of 1c have been shipped to Cebu .
BSP started issuing the new coins last November 30 to coincide with Bonifacio’s birth anniversary.
The law requires that new coins be issued every 10 years. The purpose is to enhance the currency’s security features, prevent illegal extraction of metal content and improve its durability.
The one-colored new coins are nickel-plated and can withstand wear and corrosion.
The new coins feature Filipino heroes. Bonifacio on the P5, Jose Rizal on the P1, and Apolinario Mabini on P10. (With a report from Khristal Karen Asoque, CNU Intern)