BSP says 'no more confusion' between P1 and P5 with new coins
MANILA, Philippines — The Bangko Sentral ng Pilipinas will release a new P5 coin after repeated criticism that the current design is too similar to the P1 coin.
“Pretty soon, there will be no more confusion between the P1 and P5, which will have a wave design on its edge,” BSP Monetary board member Bruce Tolentino said in a September release.
The central bank has yet to release photos of the new coin design.
The BSP in March 2018 released the New Generation Currency coin series, which changed the designs of coins worth P10, P5, P1, and the 25-, 5, and 1-centavo coins.
The metallic composition of earlier coin designs was changed to discourage metal extraction, while security features using minting technology were added to prevent counterfeiting, according to a guide released by the BSP in December 2017. The metallic silver color of NGC coins is due to their nickel-plated steel material that prevents wear and corrosion.
'Design flaws'
Rep. Jericho Nograles (Puwersa ng Bayaning Atleta party-list) in March 2018 said the NGC coins had serious design flaws and called on the BSP to recall the entire series to avoid public confusion.
“How many times have you reached into your pocket while inside a cramped jeepney and ended up paying the driver more than you should because you gave him the new five-peso coins instead of one-peso coins? Probably more than once already,” Nograles said.
“In this case, we can't even fault the driver for not calling your attention on the wrong payment since they usually just glance at the coin before placing it in their money box. These innocent mistakes happen in commercial establishments too.”
The lawmaker also said the textures of the NGC coin series were too similar and “lacked consultation with any school of the blind.”
The BSP, however, said in 2017 that the designs of the P5 and P1 NGC coins are "distinctly different." The P5 coin features Andres Bonifacio and has smooth sides, while the P1 coin displays Jose Rizal and has ridges.
The BSP is also set to release a new P20 coin to replace the P20 bill, citing a study that the P20 denomination is the most used bill and is most vulnerable to tear and damage.
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