₱20 Coin Set For Release December This Year
The Bangko Sentral ng Pilipinas Governor Benjamin Diokno announced that the proposed ₱20 coin could be released in December. In the interview, he told reporters that it could be as early as December this years since it is said to be the favorite gift given during the Christmas Season. He also added that the prototype of the new coin would be submitted to President Duterte for his approval.
Meanwhile, it seems like BSP might be phasing out the ₱20 banknote which only has a lifespan of about six months. Diokno noted that it’s very expensive to sustain because it has to be replaced after six months, which is what they print the most. The coins, on the other hand, are said to last longer which is about 10 to 15 years when re-circulated.
Studies were done showing that the ₱20 bill is the most used denomination for small-value transactions and also the dirtiest banknote in the country.
According to the head of the BSP’s Security Plant complex, the minting cost of the ₱20 coin is more expensive than the production cost of the ₱20 banknote which is only about ₱2 per piece. However, the lifespan of the coin version is longer than the banknote making it cheaper in the long run.