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Binay asks BSP to temporarily halt rollout of new P5 coins

PhilStar Global logo PhilStar Global 12/27/2017 Gaea Katreena Cabico
The new silver P5 coins feature Andres Bonifacio on the obverse, replacing Gen. Emilio Aguinaldo who is featured in the old design still in circulation. Bangko Sentral ng Pilipinas/Released © Philstar.com The new silver P5 coins feature Andres Bonifacio on the obverse, replacing Gen. Emilio Aguinaldo who is featured in the old design still in circulation. Bangko Sentral ng Pilipinas/Released

MANILA, Philippines — Sen. Nancy Binay on Wednesday urged the Bangko Sentral ng Pilipinas to put on hold the issuance of the redesigned P5 coins, citing the New Generation Currency coins create confusion among the public.

Binay said the new P5 coins do not only confuse the public but they also impact small business.

"It's best to keep an eye on those new P5 coins lalo na doon sa mga nanunukli ng barya sa tricycle, jeep, tindahan at mga maliliit na negosyo," Binay said.

She noted that some mistook the new P5 coins with P1 coins, which are closely similar in size.

The new silver P5 coins feature Andres Bonifacio on the obverse, replacing Gen. Emilio Aguinaldo who is featured in the old design still in circulation.

The reverse side of the coins features Tayabak, an endemic plant in the Philippines that climbs tall forest trees.

Binay noted that the ordinary Filipinos are the ones who will be inconvenienced by the circulation of NGC series.

"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 the merchants and the public?" she said.

Philstar.com sought for BSP's comment on the matter but it is yet to reply to the request.

BSP has been rolling out the new P5 coins since December. It was unveiled a day before the commemoration of the 154th birth anniversary of the Bonifacio.

BSP said the rest of the NGC Coin Series will be released for circulation in January 2018.

READ: BSP to issue P5 coin featuring Bonifacio in December

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