BSP assures coin is ‘legal tender’

By Paulo Loreto Lim

The new P5 coin featuring the image of Andres Bonifacio is currently in circulation throughout the Iloilo. The Bangko Sentral ng Pilipinas (BSP) assured the public the coin is of “legal tender” and advised business owners to be aware of its presence as to avoid confusion over the coin’s legitimacy.

BSP hopes the public will help in disseminating information about the new coin.

Since news of the coin’s release, there has been controversy surrounding possible confusion between having two types of P5 coins in circulation, which was earlier pointed out by Senator Nancy Binay.

“We welcome the new and fresh designs,” she said. “But did the numismatic committee (the BSP group that initiates new designs and security features) ever consider the behavioral change it will create and the possibility of confusion between the merchants and the public?”

BSP Deputy Governor Diwa Guinigundo responded by saying confusion is “unavoidable.”

“There will be unavoidable issues of possible confusion,” she said. “Sana po ay merong maayos na info drive, media campaign, or advisories na ginawa ang BSP bago ilabas ang mga bagong barya (Hopefully, there will be an information drive, media campaign, or advisories the BSP puts out before the new coins are released).”/PLL, WDJ