Release of new banknotes, coins soon

DAGUPAN CITY -- The Bangko Sentral ng Pilipinas (BSP) is set to issue what they call the “new generation bank/currency notes and coins.”

In an interview after the “Philippine Economic Briefing Roadshow in Dagupan” Wednesday morning, BSP Director Zeno Abenoja said the BSP governor will announce fourth quarter this year the schedule as to when these “new generation” Philippine monies will come out in circulation.

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“State of the art yong ginamit sa pag-design at sa paggawa nitong mga notes and coins. We have some very interesting and high tech features which will cut down significantly the faking of these banknotes and coins,” he said.

The Central Bank governor will also announce the expiration of the paper bills and coins currently in circulation.

Abenoja said it takes two to three years usually before the old ones are phased out.

The new generation monies, he added, will be of the same denominations as those today.

Meanwhile, Abenoja said the perceived shortage of coins is artificial.

“Ang nangyayari, marami sa ating mga kababayan ang hindi gumagamit ng barya. Kapag nakatanggap ng barya lalo na yong small denomination coins, hindi na ulit ito ibinabayad. Itinatago sa bahay, iniipon kaya nagkakaroon ng shortage,” he explained.

“Kagaya sa ibang bansa, ang average coins na hawak o meron kada Pilipino ay P160 hanggang P180, kaya dapat hindi tayo nagkukulang ng coins. Pero ang sabi ng mga kababayan natin, nasisira ang kanilang wallet o yong bulsa nila kaya iniiwan na lang sa bahay o sa opisina,” Abenoja adde

To address this concern, he said the BSP has also been conducting campaign nationwide on coins circulation.