BSP in initial stages of planning for new generation coins

The central bank is now in the initial stages of creating new generation currency (NGC) coins as part of the plan to demonetize the new denomination series (NDS) coins.

“We are also planning the issuance of new generation currency coins with enhanced security features,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo told reporters in a briefing.

By design the NGC coins will be hard to copy, and it would be easy for people to recognize counterfeits.

“There are already initial designs, dimensions, the sizes, and then the security features,” Guinigundo said.

President Rodrigo R. Duterte and Monetary Board will decided on when the NGC coins will be issued as legal tender.

“It will be as soon as we get a more definitive date for the approval by the board, and then approval by the President. The governor will provide us with the timelines with respect to when this is going to be launched,” Guinigundo noted.

The full demonetization of the NDS banknotes takes place on January 1, 2017.

Under the BSP guidelines, the NDS banknotes can no longer be used to pay for goods and services in line with the demonetization program. The old banknotes may still be exchanged for the NGC series until the end of 2016.

As of end-September, there were 305.4 million pieces of NDS banknotes in circulation, accounting for 10.5 percent of the total banknotes available, Guinigundo said on Wednesday.

“We hope that by the end of December we will also be able to trim all of those banknotes which will be demonetized at the end of 2016,” he added. — VDS, GMA News