Binay wants halt in issuance of new P5 coins to avoid ‘confusion’

Photo courtesy of Porky Porcalla

The Bangko Sentral ng Pilipinas (BSP) should consider suspending the issuance of new generation coins (NGC) as it creates confusion among the public, Senator Nancy Binay said on Wednesday.

Last December 1, the BSP released the new P5 coin featuring the father of the Philippine Revolution, Andres Bonifacio. It plans to release other newly designed coins in January 2018.

Binay, chair of the Senate trade, commerce and entrepreneurship committee, said the new P5 coins triggered confusion among the public and could even affect small businesses.

“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,” the senator said in a statement.

According to Binay, consumers have expressed confusion at being handed the recently released five-peso silver coins which are closely similar in shape and in size to the one-peso BSP coins.

The new silver minted five-peso coin now has Andres Bonifacio in its front replacing Gen. Emilio Aguinaldo who was featured in the old and pale gold five-peso coin still in circulation.

“We welcome the new and fresh designs of the NGC. But did the Numismatic Committee ever consider the behavioral change it will create, and the possibility of confusion between merchants and the public? Sa totoo lang, meron impact sa ordinaryong Pinoy sa araw-araw na transaksyon ang mga bagong coin na ilalabas ng BSP,” Binay explained.

The senator also pointed out that majority of the public who commute and even those in the transport sector are the ones to be burdened by the circulation of the NGC series.

“Sana po ay merong maayos na info drive, media campaign or advisories na ginawa ang BSP bago ilabas ang mga bagong barya. 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 P1, P5, and P10 coins that are now more widely used by the public,” she said. /jpv
RELATED STORY

BSP: New coin designs with security features out by yearend