CEBU, Philippines – While it is currently demonetizing the old peso bills, the Bangko Sentral ng Pilipinas will also soon demonetize all existing coins in circulation as it aims to protect the integrity of the Philippine currency.
Remedios Ilagan, senior currency specialist at the BSP, confirmed the central bank is conducting a study on the new generation coins.
While the plan to demonetize the old circulating coins is already definite, Ilagan said the BSP can’t say yet when the process will start but it will certainly be in a few years’ time.
“For the meantime inuna po muna ng BSP ang pagde-demonetize ng NDS (new design series) banknotes,” Ilagan told reporters and information officers from local government units during a forum at the BSP Cebu regional office.
“On study na po ang pag-demonetize sa coins, namimili na po ng designs at ongoing na po yung process kaya siguro pagkatapos natin sa banknotes susunod na ang pag-demonetize sa coins,” the official added.
She said the samples of the new coin designs could not be disclosed for now as they have not even seen them yet.
She also mentioned that some would mistakenly tag the BSP’s commemorative coins as the new versions of the metal money. The quantity of commemorative coins which are made to recognize a specific person or the significance of a place or event in Philippine history is limited.
Currently, hundreds of billions of Philippine coins -- P1 centavo, P1, P5 and P10 -- are circulating in the market. The existing coins have been used since 1995.
According to BSP, when the new generation coins will be introduced, the old existing ones will be phased out over a pre-determined period.
The central bank also noted it sees the need to demonetize the country's currency to concur with the practice of other central banks which change their currency designs every 10 years.