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BSP urges public to give the new coin series a chance


The Bangko Sentral ng Pilipinas (BSP) appealed to the public to give the new coin designs under the New Generation Currency (NGC) series a chance.

"Let us give a chance to the new series as the BSP will be launching into campaigns all over the Philippines to familiarize our people with the NGC coins," BSP Deputy Governor Diwa Guinigundo said in a text message sent to reporters on Wednesday night.

He was responding to remarks of PBA Party-list Representative Jericho Nograles calling on the central bank to immediately order the full recall of the NGC coins because of their supposed design flaws.

Nograles said the NGC coins released by the central bank on Tuesday, are misleading and causing confusion to the public.

"We respect the sentiment of some of our countrymen, including Party-list Rep. Jericho Nograles. But I would like them first to see and feel the complete series," Guinigundo said.

"I am sure once they have seen and felt the coins and start knowing why we used nickel-plating which results in metallic silver for all six denominations for security and durability, they would be more open," he added.

Guinigundo also defended the new designs which he said went through a consultation process.

"(L)et me clarify that the BSP spent at least two years to design the coins after a thorough survey of people's sentiment and preferences and a comprehensive study of the latest technology in producing coins," he said.

"These designs and dimensions were approved by the Monetary Board and endorsed to President [Rodrigo] Duterte who approved the recommendations," he added. —KG, GMA News

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