MANILA, Philippines (UPDATED) – The orange P20 bill will soon get a coin counterpart, an official of the Bangko Sentral ng Pilipinas (BSP) said on Wednesday, July 17.
BSP Assistant Governor Dahlia Luna said the design of the P20 coin is now being finalized.
In a separate statement on Friday, July 19, the BSP also said the design and other features of the coin are carefully being planned.
"As with previous currency issuances and enhancements, the design, security features, and specifications of the P20 coin shall be a result of an extensive and in-depth deliberation by the BSP's Committee on Currency Design and Enhancements," said the central bank.
"The committee's proposal shall be submitted to the Monetary Board and then recommended for final approval of the President of the Philippines."
The new coin may be launched around the 4th quarter of 2019 or toward the 1st quarter of 2020.
Luna said the coin version was considered after a study by the University of the Philippines found that the P20 bill was the most frequently used banknote, which also led to it being the dirtiest among all denominations.
She also said that coins are more durable than bills, which is why the central bank considered launching a coin version.
"The life span of a coin when recirculated is more than 10 to 15 years compared to banknotes which is less than one year," Luna added.
The manufacturing cost of the coin would be more expensive than the bill, but Luna said the longevity of the coin would outweigh the price.
The current P20 bill design was released back in 2010 and features former president Manuel Quezon on the front, while the Banaue Rice Terraces and the palm civet are featured on the other side.