Bangko Sentral ng Pilipinas Governor Banjamin E. Diokno said last night that central bank will produce Php20 coin starting this December to cut cost, Business World reported.
“Php20 bills are the most circulated paper bills in the country. The coins will be cheaper to make in the long run because paper bills have to be replaced after six months,” Diokno stated.
The Php20 coin will still have the face of the late Philippine President Manuel L. Quezon.
The report mentioned that the plan will be submitted for the approval of President Rodrigo Roa Duterte.
According to the study conducted by the University of the Philippines, the said Philippine money is not only the most used but also incur the shortest life span among the money.
Diokno also revealed in the report of Philippine News Agency last July that money is cost-effective if it is recirculated properly.
BSP Senior Assistant Governor Dahlia D. Luna, who is the head of the central bank’s Security Plant Complex (SPC), the unit that prints Philippine banknotes and mints coins, that “the production cost of coins is much higher than bills, for example a PHP20 bill costs about PHP2 apiece while a PHP10 coins costs between PHP5 to PHP10, coins last in circulation much longer.”
Luna also stated that the coins can last up to 15 years relative to bills that can only be replaced for six months.