The Bangko Sentral ng Pilipinas (BSP) acknowledges observations on the design and specifications of the 5-piso New Generation Currency (NGC) coin released to the public this month.
Similarities between the 5-piso NGC coin and the existing 1-Piso coin currently in circulation have been raised.
To alleviate any confusion, the BSP highlights the differences between the two coins:
The 5-piso NGC coin is heavier (7.4 grams), thicker (25-millimeters in diameter) and slightly larger than the 1-piso coin. Moreover, the 5-piso NGC coin’s sides are smooth while the 1-piso coin has ridges. Finally, the designs of the two coins are distinctly different. Filipino Hero, Gat. Andres Bonifacio along with the markings “ANDRES BONIFACIO”and “5 PISO” are prominently featured in the obverse of the P5-piso coin. Its reverse, features the Tayabak, a Philippine endemic plant, the BSP logo and “Bangko Sentral ng Pilipinas” in microprint. The differences between the two coins can be gleaned by feeling, looking and tilting them.
The advanced issuance of the 5-piso NGC coin on 29 November 2017 was to:
- commemorate the 120th death anniversary of Gat. Andres Bonifacio and his 154th birthday on November 30;
- alleviate the artificial shortage of coins caused by keeping them in coin banks and containers preventing their prompt circulation; and
- address the greater demand for coins during the Christmas season.
A media release on the advance release of the 5-Piso NGC Coins was posted on 29 November 2017 on the BSP website. This announcement was relayed, published and broadcasted by various media outlets.
The 5-piso NGC coin was issued in advance of the other coins in the NGC series (i.e. 5 centavos, 25 centavos, 1-piso, 10-piso) which will be launched on 19 January 2018. More information campaigns will be conducted, and materials distributed on the NGC Coins across the nation prior to and after this launch.
Issuance of the NGC coins, their designs, features, and specifications was the result of an extensive and in-depth study by two expert Committees of the BSP – the Numismatic Committee and the Currency Management Committee. The need to enhance the security features of our coins using the latest technology in minting given counterfeiting; the need to change our coins’ metallic composition to discourage acts of illegal extraction of their metal content; and the need to adapt more cost-efficient production processes, provide rationale for the change.
We seek the public’s cooperation on these necessary changes. The BSP is confident that in time, and with increased usage, the features of the 5-piso NGC coin and the other denominations in the NGC Series (to be launched and released next month), would gain greater familiarity.