P20 coins now ready for 2020 — BSP

Marje Pelayo   •   December 31, 2019   •   1468

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has announced that P20 coins are ready for circulation come January 1, 2020.

The newest addition in the BSP’s coin series may now be used as legal tender along with the P20 paper bill.

The BSP earlier said the production of coins are more cost-efficient since it can be in circulation for a longer period of time unlike the P20 paper bill which is prone to damage being the most used denomination.

BSP readies machines for printing of national ID cards

Marje Pelayo   •   October 8, 2020

MANILA, Philippines — Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno on Wednesday (October 7) inspected the machines that will be used in printing the Philippine Identification System (PhilSys) card or the national ID card.

The BSP has been tasked to print the ID cards. According to Diokno, the national ID will make opening of bank accounts and other bank transactions easier for Filipinos. It would also make it easier to comply with the stringent know-your client (KYC) requirement of banks, he said.

Having a national ID would also help facilitate the distribution of welfare grants to individuals.

The Philippines Statistics Authority (PSA) is fast-tracking the full implementation of the or the national ID under Republic Act No. 11055.

The PSA is set to kick-start the pre-registration process for the national ID system on October 12.

BSP warns public against sale of ‘brilliant uncirculated’ P20 coins

Marje Pelayo   •   October 7, 2020

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Wednesday (October 7) warned the public against online sellers advertising Brilliant Uncirculated 20-Piso coins for sale.

In an advisory, the agency said that it has not issued such coin series and the only P20-coin of legal tender is the 20-Piso New Generation Currency (NGC) that was released to the public beginning December 2019. 

As of end-August 2020, 2.09 million pieces of 20-Piso NGC coins amounting to PHP41.85 million are in circulation, the agency noted.

These 20-Piso NGC coins are the only ones that may be used as payment for goods and services at face value.

The BSP reminds the public to beware of online sellers advertising Brilliant Uncirculated 20-Piso coins for sale.

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LIST: Banks extend waiver of PESONet, InstaPay fees to Dec. 31

Marje Pelayo   •   October 1, 2020

MANILA, Philippines — A number of banks on Wednesday (September 30) announced that they will extend the waiver of fees for PESONet and InstaPay transactions to December 31.

Bangko Sentral Governor Benjamin Diokno was grateful for the banks’ decision as more businesses are adopting a cashless policy in an effort to protect public health amid the COVID-19 pandemic.

The Philippine Payments Management, Inc. (PPMI) is a group of BSP-supervised financial institutions (BSFIs) that aims to establish a inter-operable retail payment systems in the country.

Included in the list are major banks such as the Philippine National Bank, Land Bank of the Philippines, Rizal Commercial Banking Corporation and Security Bank among others.

The BSP also advised that PayMaya, GCash and Bank of Tokyo-Mitsubishi, Ltd. (MUFG Bank) will waive fees until October 31.

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