BSP warns public against buying P20, P5 coins at higher prices

The Bangko Sentral ng Pilipinas (BSP) on Tuesday cautioned the public against buying the P20 and P5 coins at higher prices from online sellers, as both coins are still in circulation.

The central bank said there were 290.09 million pieces of the P20 new generation currency (NGC) coins and 1.90 billion pieces of the enhanced P5 coin in circulation as of end-February.

“The 20-Piso NGC and enhanced 5-Piso coins are legal tender and can be used as payments for goods and services at face value,” it said in an advisory.

The P20 NGC coin was officially launched in 2019, featuring former President Manuel Quezon on the obverse side, and the BSP logo and the Malacañan Palace on the reverse side.

The coin was also among the finalists of the best new coins at the International Currency Awards which was won by the P20 commemorative coin of the Banco de México.

The central bank also launched the “enhanced” version of the P5 NGC coin in December 2019, having a nonagon shape. The obverse side features a portrait of Philippine hero Andres Bonifacio, while the reserve side shows a rendition of the BSP logo and the Tayabak or Jade vine.

The BSP originally released the NGC coins in March 2018, touting enhanced aesthetics and security features.

A lawmaker, however, called for the full recall of the NGC coins because of their supposed design flaws, which caused public confusion. — RSJ, GMA News