Why Philippines’ Central Bank Is Issuing P20 In Coins

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Starting in the last quarter this year, the Central Bank of the Philippines (CBP) is expected to issue a coin version of the twenty peso bill.

Officially, CBP is saying that the move will extend the denomination’s shelf life. The paper bill usually lasts for just a about a year before it succumbs to wear and tear. The coin, on the other hand, can last between 10 and 15 years.

Unofficially, a CPB spokesperson told The Adobo Chronicles the real purpose for the coins is to help Filipinos save more money. “Coins will encourage people to deposit into their piggy banks,” he said.

President Rodrigo Duterte supports the move, saying it complements his “Build, Build, Build” program.  He’s calling the coin issuance “Ipon, Ipon, Ipon.”

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