The PHP20 banknote will be phased out and changed into coins, starting in 2020.
The government office responsible for producing money in The Philippines, Bangko Sentral ng Pilipinas (BSP), says the coin version is “more cost-efficient in terms of currency production.”
Yahoo News reports that the PHP20 banknote is the most-used paper money in the country.
As a result, many PHP20 banknotes are torn and unusable. Therefore they regularly need to be sent back to the central bank for replacement.
Official photos of the PHP20 New Generation Currency (NGC) coin will be presented by BSP at its launch next month.
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