Sen. Binay: Delay the distribution of newly designed P5 coins

Revia Mae E. Sibal | January 8, 2018

Senator Nancy Binay asked the Bangko Sentral ng Pilipinas (BSP) to delay the distribution of the newly designed P5 coins until April.

Binay said that BSP should first conduct a nationwide awareness movement for the public and merchants’ familiarity with the New Generation Currencies (NGCs) and know their difference from the old ones.

"The concerns raised over the NGCs, especially the new P5-coin, are all legitimate. 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,” said Sen. Binay in her Twitter account.

“The likely scenario will either be that you are short-changed or paid extra--- masakit sa bulsa yun because the difference in the value between the P5 coin and P1 is big."

“What we're asking is only four months of public information drive to avoid that head-spinning head-scratching ordeal for consumers and merchants. Let's attend to the small change to hold off a big headache,” she added.

She urged BSP to put posters on public places like stores, supermarkets, jeepney and bus terminals, canteens, and other establishments.

Last December, BSP initially released the newly designed P5-coins with added security features. The public was left confused as the new P5 coin is silver colored like a P1 coin, with only a little difference in size.

Newly designed P10, P1, 25-centavo, 5 centavo, and 1-centavo coins would also be released later this month.