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The Bangko Sentral ng Pilipinas (BSP) informs the public that the legal tender limit of Philippine coins per transaction has been increased under BSP Circular No. 1162, Series of 2022, to further promote the use of coins in payments and other cash transactions.
Download BSP Circular No. 1162, Series of 2022 at https://www.bsp.gov.ph/Regulations/Issuances/2022/1162.pdf
The circular states that 1-, 5-, 10-, and 20-Piso coins should be accepted as payment or change for amounts not exceeding Two Thousand Pesos (PHP2,000.00); and 1-, 5-, 10-, and 25-Sentimo coins for amounts not exceeding Two Hundred Pesos (PHP200.00) per transaction. These are increases from the previous limits of One Thousand Pesos (PHP1,000.00) and One Hundred Pesos (PHP100.00), respectively.
The coins may be used and accepted in amounts higher than the legal tender limits stipulated by the circular, provided that both payer and payee mutually agree to transact using quantities of coins above said limits.
The central bank encourages the public to use and accept coins in cash transactions to promote the efficient recirculation of coins in the country. All denominations of the BSP Coin Series and the New Generation Currency Coin Series are legal tender and should be accepted as payment for goods and services. These are the 1-, 5-, 10-, and 25-Sentimo coins and the 1-, 5-, 10-, and 20-Piso coins.
BSP Coin Series (1995 – Present)
In 1995, a new set of coins and notes was issued which carried the logo of the new BSP: 5- and 1-piso and 25-, 10-, 5- and 1-sentimo. On July 10, 2001, BSP issued the 10-piso coin for general circulation to commemorate its 8th year anniversary. It has the profiles of Andres Bonifacio and Apolinario Mabini in a con-joint or in tandem manner on the obverse side. The reverse side bears the seal of the Bangko Sentral ng Pilipinas which is consistent with the common reverse design of the other six denominations. This has been an additional denomination to the current coin circulation and a replacement for the 10-piso NDS banknote.
New Generation Currency Coin Series
On 26 March 2018, the BSP released the New Generation Currency (NGC) Coin Series comprised of the 10-Piso, 5-Piso, 1-Piso, 25-Sentimo, 5-Sentimo and the 1-Sentimo into circulation.
These NGC coins feature three national heroes (Apolinario Mabini in the 10-Piso, Andres Bonifacio in the 5-Piso and Jose Rizal in the 1-Piso), a stylized three stars and a sun in the 25-, 5- and 1-Sentimo, the BSP logo, and endemic flora consistent with the design of the NGC Banknote Series that highlights Philippine fauna.
The NGC Coin Series and the BSP Coin-Ed Campaign were among the top three finalists in the Best New Circulating Coins and Best Public Education Program categories, respectively, awarded by the International Association of Currency Affairs (IACA) during the Excellence in Currency 2019 Coin Awards at the biennial Coin Conference in Rome, Italy on 15 October 2019.
On 17 December 2019, the BSP released the new 20-Piso NGC coin and the enhanced 5-Piso NGC coin with nine sides which are the latest to be circulated under the BSP’s NGC Coin Series. The bi-color 20-Piso coin retains major elements of the 20-piso banknote. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañan Palace, and the Nilad plant.
The NGC Coin Series design features enhanced the aesthetics and security of the coins. In particular, micro-printed details using laser-engraving technology were included in the 20-Piso, 10-Piso and 5-Piso, which makes it difficult for these coins to be duplicated using traditional coin counterfeiting methods. The metallic composition of the NGC coins also discourages the illegal practice of hoarding large quantities of coins for the extraction of their metal content.
The new 20-Piso and enhanced 5-Piso NGC coins shall co-exist as legal tender with the currently-circulating 20-Piso NGC banknotes and round 5-Piso NGC coins, which will be removed from circulation through natural attrition.
The BSP enjoins the public to properly use and recirculate our Philippine coins for their economic and cultural value.
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Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
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