The Bangko Sentral ng Pilipinas (BSP) on Tuesday officially launched the P20 coin, which will in time replace the banknote of the same denomination currently in circulation.
According to BSP Assistant Governor Dahlia Luna, there will be an initial batch of 500,000 pieces that will be released to the public before Christmas.
“We will issue in bulk starting first quarter next year. These coins will coexist with P20 banknotes until supply (of the banknote) lasts until 2021,” she said.
The coin features former President Manuel Quezon on the obverse side, while the reverse side features the BSP logo and the Malacañan Palace, the official residence of the Philippine President.
Minting coins costs more than printing P20 banknotes, BSP Governor Benjamin Diokno said.
However, the issue of longevity will give the country more in terms of cost savings in the long run.
“It costs us P2 to produce a P20 bill and that usually lasts six months … The coins will cost us P20, but it will last for 10 to 15 years,” Diokno said. —KG/VDS, GMA News
Photos by Jon Viktor Cabuenas