Nancy Asks BSP To Temporarily Stop New P5 Coins in Circulation

To avoid further public confusion, Senator Nancy Binay today said that the Bangko Sentral ng Pilipinas (BSP) might consider to temporarily stop the issuance of new generation coins that it plans to release in January 2018.

According to Binay, the new five-peso coins—which the BSP rolled-out this December—have already created much confusion as they now co-exist with the current BSP series coins.

“It is best to keep an eye on those new five-peso coins. Lalo na doon sa mga nanunukli ng barya sa tricycle, jeep, tindahan at mga maliliit na negosyo. Sobrang nakakalito ang bagong limang-piso na halos magkasing hawig at laki lang ito ng piso,” she pointed out.

According to Binay, consumers have expressed confusion at being handed the recently released five-peso silver coins which are closely similar in shape and in size to the one-peso BSP coins.

The new silver minted five-peso coin now has Andres Bonifacio in its front replacing Gen. Emilio Aguinaldo who is featured in the old and pale gold five-peso coin still in circulation.

However, the new generation coins (NGC) are clearly smaller than their counterparts in the old BSP series. As a matter of fact, the silver five-peso Bonifacio coin closely resembles the one-peso coin featuring Dr. Jose Rizal.

“We welcome the new and fresh designs of the NGC. But did the Numismatic Committee ever consider the behavioral change it will create, and the possibility of confusion between merchants and the public? Sa totoo lang, meron impact sa ordinaryong Pinoy sa araw-araw na transaksyon ang mga bagong coin na ilalabas ng BSP,” she explained.

Binay further explained that majority of the public who commute and even those in the transport sector are the ones to be inconvenienced by the circulation of the NGC series.

“Sana po ay merong maayos na info drive, media campaign or advisories na ginawa ang BSP bago ilabas ang mga bagong barya. We welcome the change if it’s an issue of security but the problem lies on the circulation where the new coins will co-exist with the P1, P5, and P10 coins that are now more widely used by the public,” the senator noted.