The Bangko Sentral ng Pilipinas (BSP) on Monday released the New Generation Currency (NGC) coins to be circulated through banks starting Tuesday, March 27, minus the P0.10 coin.
In a press conference in Manila, the BSP introduced the new designs of the NGC Coin Series in P10, P5, P1, P0.25, P0.05, and P0.01 denominations.
“The NGC Coin Series design features enhanced the aesthetics and security of the coins,” BSP Deputy Governor Diwa C. Guinigundo said.
“In particular, micro-printed details using laser-engraving technology were included in the two highest denominated coins, the 10 piso and 5 piso,” Guinigundo noted.
According to the BSP, the NGC coins were released to banks on Monday, but since local lenders are already closed, they will be available for circulation starting Tuesday.
The NGC Coin Series will be officially launched in July, in line with the anniversary celebration of the BSP.
The BSP said a total of 139.567 million pieces of the NGC Coin have been released to banks as of Monday.
- P10—10 million pieces
- P5—77 million pieces
- P1—19 million pieces
- P0.25—9.3 million pieces
- P0.05—10.9 million pieces
- P0.01—11.1 million pieces
10-centavo coin dropped
The 10-centavo coin was dropped, while the 1-centavo coin was added to the NGC coin Series.
“The law says that the 1-piso is composed of 100 1-sentimo. You cannot have 1-piso unless you have 1 centavo so you have to produce the 1 centavo,” Guinigundo said.
Guinigundo urged the public to look closely at the coins and feel the ridges to be able to distinguish one from another.
“The NGC coins, which appear as ‘metallic silver’, are made of nickel-plated steel which contributes to their improved wear and corrosion resistance capabilities,” he said.
“We decided on the choice of nickel-plating because they are more durable, they are more weather resistant,” he said.
The BSP will be staging information campaigns across the country to introduce the new coin series.
The BSP has yet to release the demonetization schedule for the old coins, which consumers may continue to pay for goods and services.
“It’s legal tender for day-to-day transactions until such time that the BSP calls for their demonetization. We are not [yet] coming up with the date for demonetization,” Guinigundo said. —VDS, GMA News