The main reason for the central bank to transform the 20 peso bill into a coin is that coins last longer than paper. The 20 peso bill is the most use of all paper bill according to Bangko Sentral ng Pilipinas (BSP).
In a conducted total system study on the currency cycle of the University of the Philippines, the state-run university recommended to replace the 20-Piso banknote with a coin.
Since it is the most used denomination on almost all small-value transactions, the bill tends to be easily unfit and is always returned to BSP for replacement.
“As with previous currency issuances and enhancements, the design, security features and specifications of the 20-Piso coin shall be a result of an extensive and in-depth deliberation by the BSP’s Committee on Currency Design and Enhancements,” the central bank said on a report from GMA.
“The Committee’s proposal shall be submitted to the Monetary Board and then recommended for final approval of the President of the Philippines,” they added.
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