P20 coins out before yearend

Replacing the country’s lowest banknote, the P20 bill, with coins might happen earlier than expected as Bangko Sentral ng Pilipinas Governor Benjamin Diokno hinted on a December 2019 dateline.

“The P20 coin is a go. We have already submitted it to President (Duterte) and I have seen the prototype,” Diokno told reporters.

“(It) could be as early as December this year.”

Producing P20 bills is much expensive than coins, Singson said, making it economically viable to opt for the latter.

The P20 banknote, being the lowest denomination bill, was the most printed among all bills and coins.

The BSP spends P2 pesos to print a P20 bill, which must be replaced after six months, thus the greater expense. Coins last about five times longer, Singson said.

The BSP’s earlier announcement was to issue the P20 coins next year.