Bangko Sentral ng Pilipinas is set to release new generation coins with security features before the year ends.
According to BSP Deputy Governor Diwa Guinigundo, the central bank will release new designs for P.01, P.25, P0.5, P1, P5, and P10.
“Circulation can also happen in the same time but in a limited capacity,” Guinigundo said in a statement.
The BSP is yet to announce demonetization of current coins because it requires more time compared to bills.
“We will have to physically get them and collect them and do something with them. It is easier for the banknotes because we will just shred them,” he said.
Asked how long the demonetization of coins will be, the central bank official said it depends on several factors such as the public’s contribution in this measure.
“It can be extended considering the physical and logistical difficulty in surrendering the coins to the banks and the branches and regional offices of the BSP,” he added.
