The Bangko Sentral ng Pilipinas (BSP) will release in circulation a 20Piso coin in 2020 following its scheduled ceremonial launch in December this year.
A study conducted by the University of the Philippines reveals that the 20Piso banknote is the mostused denomination for payments across the country. Because of this, the 20Piso banknote is easily rendered unfit for circulation and returned to the BSP for replacement. As such, the issuance of a coin in lieu of a banknote is more cost efficient in terms of currency production in the long run.
Official photographs and specifications of the 20Piso New Generation Currency (NGC) coin shall be presented by BSP Governor Benjamin E. Diokno during its launch. To date, the BSP has not released any official image regarding the proposed 20Piso coin.
Nevertheless, the latest addition to the NGC Coin Series shall retain major elements of the 20Piso banknote. The design and features of the new 20Piso coin shall make it easily distinguishable from the rest of the denominations in the NGC Coin Series.
Once circulated, the new 20Piso coin shall coexist with the 20Piso NGC banknotes as legal tender. The 20Piso banknote shall be gradually removed from circulation through natural attrition.
Apart from the 20Piso coin, the BSP shall also release in circulation an enhanced 5Piso NGC coin to make it more distinct from other denominations in the NGC Coin Series. The changes were based on studies on the design, security features, and specifications of the new coins.
Source: Bangko Sentral ng Pilipinas (BSP)