BSP targets to roll out redesigned coins within the year

The Bangko Sentral ng Pilipinas (BSP) on Friday said it is targeting to roll out and circulate the new generation currency coins that would replace the current series in circulation.

"The new coin design, we are just waiting for the bidding of one of the denominations to materialize and then later on we can roll it out to the public," BSP Deputy Governor for Monetary Stability Sector Diwa Guinigundo told reporters on the sidelines of a press briefing at the central bank headquarters in Manila.

"Target roll out [is] before the end of the year."

Guinigundo added that circulation can also happen at the same time [but] in a limited quantity."

"But this one is the new generation coins," he said, adding the new generation coins will have enhanced security features.

The central bank official said that 10 centavos was dropped in the new design coins series due to low demand for it.

Demonetization or the process of stripping off a currency's value of the old coin design will start in a year or two once the central bank starts circulating the new designs.

"Just like in the bank notes once we announce the start of demonetization, we’ll have one to two years. Coins ito, it is more challenging to demonetize coins compared to bank notes," Guinigundo said.

"It can be extended considering the logistical difficulty of surrendering coins in banks," he added. —KBK, GMA News