Drew Tetangco
- It was determined through a study that the 20 Peso bill is the most used denomination as it is the smallest
- Since it is the most used, 20 Peso bills gets worn out easily
- The Bangko Sentral ng Pilipinas is now developing designs for a 20 Peso coin
Manila, Philippines – They say “money makes the world go around.” You can’t go anywhere now without paying for anything. Whether it is for shopping for groceries, if you want to hang out with friends, and even the transportation that you’ll be using, you’ll have to pay for it.
In the Philippines, like most countries, money comes in both bills and coins. Currently, the coins used range from the smallest 5 Centavos up to the largest coin denomination, 10 Pesos. For bills, the smallest is the 20 Peso bill, and the largest is 1,000 Pesos.
From a study made by the University of the Philippines, it was determined that the 20 Peso bill is the most used denomination out of the six that we have, especially since it is the smallest amount of them all. Because it is the most used, it is the one that gets worn out the easiest. It was also determined that most of the bills that we have would only have a 1-year lifespan.
Because of this study, the Bangko Sentral ng Pilipinas (BSP) is now looking into producing 20 Peso coins. From an article published by Rapper, BSP’s Assistant Governor Dahlia Luna has mentioned that they are now finalizing the design of the proposed coin.
Once they have a design all set, it would be submitted to the Monetary Board, and then to be approved by the President of the Philippines.
It is estimated that the 20 Peso coins will be released either near the end of 2019 or early 2020.
Compared to bills that have a 1-year lifespan, coins can last 15 to 20 years. Coins are more expensive to produce, but the lasting effect compared to bills would be its biggest payout.
The current bill that we are using now was first released back in 2010. Before that, 10 Peso bills and 5 Peso bills were also available before they were made into coins as well.
Also read: #WalangPasok: Classes Suspended on July 22, 2019 for the State of the Nation Address
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