The Central Bank of Philippines officially announced the design features of the 5 peso New Generation Currency coin because it is very similar to the existing 1 peso coin.
The bank stated that a numismatic committee and the currency management committee of the BSP have worked on the design features and specifications. There was a need to improve security features using the latest technology to fight counterfeiting and illegal extraction of metal content from coins. The coins also adapt more cost-efficient processes.
The new 5 peso coin is heavier, thicker and larger than the existing 1 peso coin. The new coin’s sides are smooth, while the 1 peso coin has ridges. Andres Bonifacio is depicted on the obverse of the new coin instead of Emilio Aguinaldo. Other inscriptions include "ANDRES BONIFACIO" and "5 PISO". Its reverse depicts tabak which is a plant commonly found in the Philippines, BSP logo and Bangko Sentral ng Pilipinas in microprint. The new coins were released on 29th November to commemorate the 154th birth anniversary of Bonifacio.
Officials clarified that the coins were released in advance to prevent artificial shortage of coins caused by storing them coin banks. The release will also serve the greater demand during Christmas season. Bank officials assured that with time people would become familiar with the new coins. The remaining coins from the NGC Coin Series will be released on 19th January.