MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is set to launch a coin version of the P20 banknote toward the end of the year or the start of next year.
BSP Assistant Governor Dahlia Luna said a study conducted by the University of the Philippines showed that the P20 bill is the dirtiest banknote as it is the most used currency in the country.
Luna, who is also head of the BSP’s Security Plant complex, said that the central bank’s Monetary Board has instructed the department to finalize the design of the proposed P20 coin.
She added that the BSP is aiming to launch the coin version before the Christmas season.
According to Luna, the minting cost of the coin version would be more expensive than the production cost of the P20 banknote at about P2 per piece.
But she said the lifespan of the coin version is longer than the banknote.
“The lifespan of a coin when re-circulated is more than 10 to 15 years compared to banknotes, which is less than one year,” Luna said.