Quezon scion says P20 coin a sign of devalued currency, urges BSP to review plan

The Quezon family urged the Bangko Sentral ng Pilipinas (BSP) to rethink its plan to release P20 coins, saying doing so would signal the devaluation of the Philippine peso and negatively impact the Abaca industry from which material for the paper bills are sourced.

Columnist and editor Manuel Quezon III, a descendant of the late President Manuel Quezon whose face appears on the twenty-peso bill, said on Twitter on Monday that some BSP officials approached their family to get their thoughts on the plan to create twenty-peso coins last month.

Quezon said the family agreed that twenty-peso coins would be inconvenient, considering that the bill is widely used.

“Very heavy, cumbersome and thus this public aspect should be considered particularly as you are aware there was perhaps less testing of the new series of coinage leading to confusion and outright irritation,” he said.

"Psychologically as citizens it would send a signal of devaluation: abolition of one denomination of paper currency sends an overall signal of the shrinking value of our currency; symbolically it also serves, unintentionally to be sure but will still be interpreted as such, as the demotion of the personality of the bill to be withdrawn from circulation," he added.

Further, Quezon said the plan to discontinue P20 bills may negatively affect the country’s Abaca industry, as Philippine bills are partly made of Abaca fibers.

“The unintended but unfortunate effects of this on the Abaca industry ought to be considered at a time when agriculture needs everyone’s support,” he said.

Quezon said that while the family is honored that a family member to be portrayed in the currency, the BSP ought to “thoroughly review” the proposal which has been met negatively by netizens as well.

The BSP, in a recent announcement, said the new coin set is set to be released by December. — BAP, GMA News