Binay Calls Out BSP To Do More Studies Next Time And To Stop The Circulation of The New P5 Coins

In honor of the Father of Philippine Revolution, Andres Bonifacio’s 154th birth anniversary last November 30, 2017, the newly designed Philippine P5 coin with Bonifacio in front was released in advanced and was circulated starting last December 1.

The other newly designed coin will then be released this January 2018. But a few days before the new year, Senator Nancy Binay calls on the Bangko Sentral ng Pilipinas (BSP) to stop issuing the new P5 coins temporarily in the wake of the confusion that it brings over its similar design with the current P1 coins.

5 pesos 2
PHOTO CREDIT: PhilNewsPH

Binay said in a statement that the change is welcome but it is confusing.

“We welcome the change if it’s an issue of security but the problem lies on the circulation where the new coins will co-exist with the ₱1, ₱5, and ₱10 coins that are now more widely used by the public,”

Binay also added that it is best if people keep an eye on the new P5 coin as it is confusing especially to the small businesses who use these currencies on a daily basis.

Binay also added that it is best if people keep an eye on the new P5 coin as it is confusing especially to the small businesses who use these currencies on a daily basis.

“It is best to keep an eye on those new five-peso coins. Lalo na doon sa mga nanunukli ng barya sa tricycle, jeep, tindahan at mga maliliit na negosyo. Sobrang nakakalito ang bagong limang-piso na halos magkasing hawig at laki lang ito ng piso,”

5 Pesos 1
PHOTO CREDIT: GMA

She insisted that the impact is on the ordinary Filipino who use the coins on a daily basis like the transport sector or the small merchants.

5 Pesos 1
PHOTO CREDIT: GMA

She insisted that the impact is on the ordinary Filipino who use the coins on a daily basis like the transport sector or the small merchants.

“Sa totoo lang, meron impact sa ordinaryong Pinoy sa araw-araw na transaksyon ang mga bagong coin na ilalabas ng BSP,”

The BSP is set to release a new batch of coins this January along with the newly designed coins with other denominations, but Binay reminded them that they should have done a more thorough information or media campaign before they released the coins.

Source: CNN Philippines