BSP starts circulating new P5 coin in Cebu

CEBU, Philippines — The Bangko Sentral ng Pilipinas has started circulating the new P5 coin in Cebu, the first New Generation Currency (NGC) coin series released by the central bank.

BSP-Cebu Director Leonides Sumbi announced yesterday the new P5 started circulating in Cebu last Dec. 12.

BSP-Cebu had received 150,000 pieces of the new P5 coin worth P750,000, Sumbi said.

She said the central bank has not yet started demonetizing the old coins but has started circulating the new P5 coin.

She said the demonetization process is likely to take three years and would probably start next year.

The P5 NGC legal tender coin has been released for circulation in advance of the other denominations.

The P5 NGC coin features on the obverse, Gat. Andres Bonifacio.

The BSP’s advance release of the P5 NGC coin highlights the 120th death anniversary of the Filipino patriot this year and his 154th birthday last Nov. 30.

Widely regarded as one of the Philippines’ greatest heroes, Bonifacio was a fearless leader who founded the Katipunan, the secret society that ignited the flames of the revolution which finally led to the declaration of Philippine independence in 1898. Bonifacio died on 10 May 1897.

Thus, considered as the Father of the Philippine revolution, Bonifacio’s portrait is etched on the obverse of the coin, along with the markings, "ANDRES BONIFACIO", "5-PISO" and "REPUBLIKA NG PILIPINAS" in bold font and in microprints, and the mint mark.

The reverse side, meanwhile, features the Tayabak, a Philippine endemic plant that climbs tall forest trees, the BSP logo and “Bangko Sentral ng Pilipinas” in microprint.

The P5 NGC coin is 25-millimeters in diameter and weighs approximately 7.4 grams.

The NGC Coin Series adopts the latest technology in minting coins.

The security features of the NGC coin series are enhanced to deter counterfeiting, improve wear and corrosion resistance capabilities, saves the BSP minting costs, avoids risks arising from unexpected volatile swings in metal prices, and also deters the illegal hoarding of coins for melting and shipment to other countries.

Coins in the NGC Series will feature the BSP logo, national heroes and endemic flora, consistent with the design of the NGC banknote series, launched in 2010, which also highlights Philippine fauna.

The rest of the denominations of the NGC Coin Series will be released by the BSP for circulation in January 2018. (FREEMAN)