New Generation Currency Coins from BSP Sparks Debate on Social Media

BSP just released the new series of coins to be circulated and it seems netizens are not happy about it.

Bangko Sentral ng Pilipinas (BSP) formally released the New Generation Currency (NGC) coins on Monday to be circulated from banks to the public effective today.

The NGC coins feature new designs and colors in contrast to the previous coins circulated in the country.

Denominations will remain the same, with the addition of the one-centavo coin. The 10-centavo coin will become obsolete.

In a statement, BSP shared that the changes in design and details in the NGC are for a better look and added security features.

One of the security features is the micro-printed details using the latest laser-engraving technology for the P10 and P5 coins, to avoid counterfeiting. They also changed the metallic composition of the NGC coins to avoid the illegal melting of the metal.

The first release of the five-peso coin sparked quite a major debate about the changes in the coins, particularly about its size and color.

NGC coins were colored “metallic silver” made from nickel-plated steel. In their statement, BSP said this is a solution to the fast oxidation and rusting of the copper-based coins in the previous series.

Netizens raising issues and concerns

In a video released yesterday by BSP that garnered more than 15,000 shares and more than 8,500 reactions on Facebook, the Central Bank revealed the new designs of the coins.

Some netizens noted that it is about time the coins change for lighter ones. Another netizen pointed out the similar looks are okay so people will learn to look more closely and in effect, appreciate their money better.

On the other hand, many argued that the move of the Central Bank will just cause confusion to the elderly. They argued BSP disregarded the situation of those who cannot see clearly in general. Netizens also raised the struggle that can happen in looking at these coins when you’re along poorly-lit streets and at night.

Meanwhile, some netizens offered suggested improvements. One said perhaps BSP can make the shapes different to easily distinguish one coin from the other. Another said the BSP should just print paper bills of the lower denominations and discontinue issuance of coins.

BSP will officially launch the NGC coins in line with their anniversary in July but has yet to announce demonitization. Meanwhile, citizens can still use the coins from the current series for day-to-day transactions until the BSP issues an announcement.

 

What’s your take on the New Generation Currency coins? Let us know your thoughts in the comments!

 
 
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New Generation Currency Coins from BSP Sparks Debate on Social Media

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