Binay asks BSP anew: Defer issuing new coins
Marvin Sy (The Philippine Star) - January 3, 2018 - 12:00am

MANILA, Philippines — Saying the concerns raised about the new P5 coins are legitimate, Sen. Nancy Binay yesterday reiterated her appeal for the Bangko Sentral ng Pilipinas (BSP) to defer issuing the new coins for at least four months.

Binay advised the BSP to undertake an extensive nationwide information campaign about the new generation currency (NGC) coins so the public would know the differences between the new and old coins, particularly the P5 coin.

BSP is set to release other coin denominations of the NGC series on Jan. 18.

“What we’re asking the BSP is to first elevate the level of awareness of the public through mass media and to use all information channels until April. This would give everyone enough time to prepare for the changes,” Binay said.

She previously called for the deferment of the new P5 coin’s rollout because it is similar in size and design to the P1 coin.

The new P5 coin is also incompatible with the ticket-vending machines of the MRT and LRT, as well as the other vending machines that accept these coins.

It was reported that it would take at least three months to update the firmware of the vending machines in order to accept the NGCs.

“The BSP should not be so unreasonable. The P5 coins directly impact commuters, MRT/LRT riders, sari-sari stores, senior citizens and much more on people who have low-vision issues because of their confusing appearance,” Binay said.       

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