Nancy Binay cites confusing similarities between P1 and new P5 coins

A couple of new P5 coins are mixed with P1 coins in this photo taken on Wednesday, Dec. 27, 2017. Photo by Jannielyn Bigtas, GMA News

Senator Nancy Binay called on the Bangko Sentral ng Pilipinas (BSP) to stop circulating the New Generation Currency (NGC) P5 coins, which supposedly causes confusion in terms of color and size compared with the P1 coin.

“Sana po ay merong maayos na info drive, media campaign or advisories na ginawa ang BSP bago ilabas ang mga bagong barya,” she said in an emailed statement.

The P5 NGC coin, featuring Philippine hero Andres Bonifacio, was released by the central bank earlier this month.

Binay said the new P5 coin bears similarities with the P1 coin.

The new P5 coin is flanked by its predecessor and a P1 coin in this photo taken on Wednesday, Dec. 27, 2017. Photo by Jannielyn Bigtas

“It is best to keep an eye on those new five-peso coins. Lalo na doon sa mga nanunukli ng barya sa tricycle, jeep, tindahan at mga maliliit na negosyo. Sobrang nakakalito ang bagong limang-piso na halos magkasing hawig at laki lang ito ng piso,” she said.

“We welcome the change if it’s an issue of security but the problem lies in the circulation where the new coins will co-exist with the P1, P5, and P10 coins that are now more widely used by the public,” the senator noted.

The new P5 coin is 25 millimeters in diameter and weighs approximately 7.4 grams, while the P1 coin is 24 millimeters and weighs around 6.1 grams.

In a separate text message to GMA News Online, BSP Deputy Governor Diwa Guinigundo said the confusion would be “unavoidable,” but the public will be able to distinguish the difference over time.

“Over time, as we cease minting and continue retiring the old series, the new designs will be increasingly accepted by the public supported by a nationwide campaign,” the BSP official noted.

“But to stop the launching and conduct first an info campaign will not be effective because the public needs to see and hold and use the NGC coins,” Guinigundo said. — VDS, GMA News