New P5 coins, enhanced bills circulate in NegOcc

CHECK the feature, it’s legitimate.

This was the call of the Bangko Sentral ng Pilipinas (BSP) to Negrenses as the agency has started circulating the new P5 coins in the province.

Job Nepomuceno, deputy director of BSP-Bacolod, told SunStar Bacolod that limited number of the new coin bearing the image of Andres Bonifacio has arrived in Negros Occidental earlier this month.

Nepomuceno said that unlike Cebu, where the BSP Central Office has initially forwarded 150,000 pieces of the new P5 coin with a cumulative value of P75,000, those they have already distributed through different banks in the province is quite smaller.

“The allocation is based on the area, the regional office in Cebu covers wider locations, including Bohol,” Nepomuceno said, adding that “the new coin is a legitimate thus, it has monetary value and legal tender power.”

The new design forms part of the New Generation Currency (NGC) coin series.

The one side of the coin features the image of Bonifacio, who was hailed as the Father of the Philippine Revolution.

Bonifacio replaced General Aguinaldo, the first President of the Philippines, whose image has been minted on a P5-coin since 1991.

The reverse of the new coin bears a Philippine plant called “Tayabak” and the BSP logo.

Prior to Aguinaldo, from 1975 to 1982, it was former President Ferdinand Marcos’ profile that occupied the P5-coin in line with the “Ang Bagong Lipunan” series.

Nepomuceno said they received mixed reactions on the new design from some Negrense coin holders.

While some like the new design, there are those who reacted that the new P5 coin is small and closely similar to that of P1.

Netizen Franz de la Cruz, in his Facebook post Wednesday, said he was surprised upon receiving the new coin as change from a cashier of a fast food chain in Bacolod City.

Due to the resemblance, he thought the P5 coins were only P1 coins.

“We are urging Negrenses to check the features, mainly the appearance of the coins they are holding to ensure using the right value when spending,” Nepomuceno said.

The BSP had earlier said that after the old banknotes, they may also start demonetizing old coins next year.

Thus, more of the new P5 and possibly of other coins will be circulating in the province in 2018, Nepomuceno said.

The coin enhancement is part of the BSP measures to deter counterfeiting, save on minting cost, and avoid corrosion of money, among others, he added.

Enhanced bills

Aside from the new P5 coin, the BSP-Bacolod has also started distributing enhanced bills in the province.

Nepomuceno said though the number of these bills circulating locally is still limited, but expected to increase next year.

Having the most significant changes is the P200 new generation banknote.

The BSP deleted the image of the opening of the Malolos Congress and replaced it with an image depicting the declaration of Philippine Independence.

Nepomuceno said it also deleted the image of the Order of Lakandula Medal and the phrase “Medal of Honor” in the obverse side of the P1,000 banknote.

For the P50 bill the enhanced design included the additional text “Leyte Landing October 1944” from the existing “Leyte Landing.”

The enhanced design also covers the changes in the format, which is in italic form, of the scientific names in the reverse side of P20, P50, P100, P200, P500 and P1,000 bills.

The BSP has also increased the font size of the year mark of the banknotes in the obverse side of the P20, P50, P100, P200, P500 and P1,000 bills.

Aside from President Rodrigo Duterte’s signature, the enhanced banknotes now also bear that of the fourth Central Banks’ governor Nestor Espenilla Jr. (With reports from SunStar Cebu)

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