BSP Requested to Stop Circulating New P5 Coins

28 Dec 2017  Thu

Sen. Nancy Binay asked the Bangko Sentral ng Pilipinas to stop circulating the redesigned P5 coins because the New Generation Currency coins could create confusion among the general public and affect small businesses. She also said that the new P5 coins are similar in size when compared with P1 coins, which adds to the confusion among ordinary Filipinos. She believes that the possibility of confusion between the merchants and the public should be considered before releasing new coins.

The latest silver P5 coin depicts Andres Bonifacio on the obverse instead of Gen. Emilio Aguinaldo. The reverse depicts Tayabak which is a plant found in the Philippines that climbs tall forest trees.

New P5 coins were introduced in December and were unveiled a day before the commemoration of the 154th birth anniversary of the Bonifacio. Remaining coins from the NGC Coin Series will be released in January 2018.