Soon, piggy bank savers will have to unload before the coins become worthless.
It is because the Philippines’ Bangko Sentral (BSP) is set to release new generation coins with security features before the end of this year.
Coins that will have a makeover include the one centavo, fifty centavos, one peso, five pesos and ten pesos. For one or some reason, the ten centavo coin will not get a new security feature and no new reissue will be made available.
The central bank assured that simultaneous with the release of new minted coins, announcement for the demonetization of the old coins will be made.
Still piggy bank owners may not worry too much as the process will take some time as the BSP is clueless as to the exact time table when the total process will get completed.
A bank offficial admitted that demonetization of coins is a challenge than that of paper bills.
“We will have to physically get them and collect them and do something with them. It is easier for the banknotes because we will just shred them,” said Deputy Governor Diwa Guinigundo. (With PNA report)