Wednesday, 17 January 2018
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AVOIDING CONFUSION  |  Sen Binay asks BSP to Suspend use of New P5 coins

MANILA (DWDD) – Senator Nancy Binay requested the Bangko Sentral ng Pilipinas (BSP) to consider the temporary suspension of issuance of the new generation coins that it plans to release in January 2018 to avoid public confusion.

According to Sen Binay, the new five-peso coins, that was released this December, have already created much confusion since it shared the same size and color, as they now co-exist with the current BSP series coins.

Consumers have expressed confusion at being handed the recently released five-peso silver coins which are closely similar in shape and in size to the one-peso BSP coins featuring Dr. Jose Rizal.

The new silver minted five-peso coin has Andres Bonifacio in its front replacing Gen. Emilio Aguinaldo who is featured in the old and pale gold five-peso coin still in circulation, but the new generation coins (NGC) are clearly smaller than their counterparts in the old BSP series.

Binay further explained that majority of the public who commute and even those in the transport sector are the ones to be inconvenienced by the circulation of the NGC series.

She requested that BSP to initially conduct info drive, media campaign or advisories on the release of the new P5 coin. The public welcomes the change if it’s an issue of security but the problem lies on 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.SENATE / MCAG

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