Senator Binay asks BSP to consider a halt in issuance of new P5 coins; says they “create confusion”

(Eagle News) — Senator Nancy Binay on Wednesday said the Bangko Sentral ng Pilipinas should consider suspending the issuance of new generation coins.

Binay, chair of the Senate trade, commerce and entrepreneurship committee, said that while NGCs have a “new and fresh design,” and could address the issue of security, the new P5 coins in particular look a lot like the P1 coins existing in circulation, and could therefore create confusion.

The new P5 coins now carry Andres Bonifacio’s face, thereby replacing Gen. Emilio Aguinaldo’s.

“Did the Numismatic Committee ever consider the behavioral change it will create, and the possibility of confusion between merchants and the public?” Binay asked.

She said she hoped the BSP held the proper information drive, media campaign, and issued advisories on the new coins.

“..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.

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