A facebook post of a woman holding P100 bills which have missing face designs on one side has reached the attention of the Bangko Sentral ng Pilipinas, which said that it is now investigating the issue.
The fb user said she withdrew the bills from a Bank of the Philippine Islands ATM.
“Right now we’re investigating such claims which appear to be isolated. You may advise holders of such bills to coordinate with their bank right away to facilitate proper investigation,” BSP Gov. Nestor Espenilla Jr. said in a statement.
The BPI, which is owned by the Ayala conglomerate, said it was already investigating the incident.
Meanwhile, Senator Nancy Binay on Wednesday asked the BSP to consider temporarily stopping the issuance of new generation coins that it issued early this month to avoid further public confusion.
According to Binay, the new five-peso coins have already created much confusion as they now co-exist with the current BSP series coins.
“It is best to keep an eye on those new five-peso coins,” said the lady senator, adding that consumers have expressed confusion at being handed the five-peso silver coins which are closely similar in shape and in size to the one-peso BSP coins.
The new silver minted five-peso coin has the marked image of Andres Bonifacio in its front replacing Gen. Emilio Aguinaldo who is featured in the old and pale gold five-peso coin still in circulation.
However, the new generation coins are clearly smaller than their counterparts in the old BSP series. The silver five-peso Bonifacio coin closely resembles the one-peso coin featuring the image of Dr. Jose Rizal.
“We welcome the new and fresh designs of the NGC. But did the Numismatic Committee ever consider the behavioral change it will create, and the possibility of confusion between merchants and the public?” asked Binay.
Binay said that majority of the public who commute and even those in the transport sector are the ones to be inconvenienced by the circulation of the NGC series.
“We welcome the change if it’s an issue of security but 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,” the senator said.
The BSP, however, said that while the confusion between the P1 and the NGC P5 coins was “unavoidable,” it assured that the public would eventually be able to make a clear distinction between each coin.
“Since there will be a transition period in which both the old and the new designs will co-exist, there will be unavoidable issues of possible confusion between and among denominations,” BSP Deputy Governor Diwa Guinigundo said in a television interview.
The BSP said the new P5 coin was a result of careful studies prior to its minting.
“The NGC coins were carefully studied by the Numismatic Committee and the Currency Management Committee of the BSP. Upon these committees’ recommendations, the designs, security features, and dimensions were also approved by the Monetary Board and the Office of the President,” he said.
“Over time, as we cease minting and continue retiring the old series, the new designs will be increasingly accepted by the public supported by the nationwide campaign,” Guniguindo said.
“But to stop the launching and conduct first an info campaign will not be effective because the public needs to see and hold and use the NGC coins,” he said.
The Numismatic Committee initiates new design studies and proposes upgraded security features to be presented for consideration of the Monetary Board based on BSP guidelines.
Once a selection is made, the policy-setting board sends the proposed new designs for the approval of the sitting President—in this case President Rodrigo Duterte.
“We have a program for launching these NGC coins which includes a nationwide public information campaign through social media as well as print and broadcast media,” Guinigundo said.