BACOLOD CITY— The Bangko Sentral ng Pilipinas (BSP) urged consumers in Negros Occidental to thoroughly check the features of the new PHP5 coins already circulating in the province.
“We urge Negrenses to check the features, mainly the appearance of the coins they have, to ensure that they spend the right amount,” said Job Nepomuceno, deputy director of BSP-Bacolod.
He said a limited number of new coins bearing the image of Andres Bonifacio were delivered in Negros Occidental earlier this month, and already distributed through various banks.
“The new coin is a legitimate thus, it has monetary value and legal tender power,” Nepomuceno said.
The BSP official issued the reminder after concerns have been raised that the new PHP5 coin has similar features with that of the PHP1 coin.
The newly-designed PHP5 coin is part of the New Generation Currency (NGC) coin series.
The obverse side or the side bearing the head features the image of Bonifacio, considered as the “Father of the Philippine Revolution.”
Bonifacio replaced General Aguinaldo, the first President of the Philippines, whose image has been minted on a PHP5 coin since 1991.
The reverse side bears a Philippine plant called “Tayabak” and the BSP logo.
Nepomuceno said that after the BSP demonetized the old banknotes, it may also start demonetizing old coins next year.
The BSP will accept old banknotes for replacement only until December 29.
Holders of New Design Series (NDS) banknotes can exchange them without charges from the BSP.
The BSP had earlier set the first deadline for replacement in December 2016. It was then extended to March and June this year, and finally to December 29, 2017.
In Negros Occidental, the BSP-Bacolod had earlier said there is minimal amount of old bills in the province which have yet to be replaced.
By 2018, old banknotes will already be demonetized, and these currency bills will have no more monetary value and legal tender by then.