Each decade or so, the Department of Budget, Finance, and other economic agencies are usually conducting a regular meeting to change the image of the Philippine currency. One of these is the changing of the bills and coins as part of the modernization program of the government. Currencies change because it indicates a progressing nation due to its modernizing cultures, norms, and traditions on a regular basis. The change is usually observed every decade wherein the Philippine observes a constant improvement with its socio-economic image. If there is a significant change in the appearance of its bills and coins, this indicates that the country wants something new that benefits the general public.
The Central Bank of the Philippines or locally known as the Banko Sentral ng Pilipinas released new 5 Philippine Peso coins. The appearance of the new coin is completely different from the previous version. The public is then confused on how to distinguish between the new 5 Peso Coin and the old one. For those who have a working television at their homes, there is at least more than the majority of 50% who were informed about the newly released coins for public circulation. However, residents without television are still not updated about the newly released currency until this day. Some residents regard the newly released coin as a form of a prank or a hoax issue just to promote entertainment.
|The old and the new 5 Philippine Peso Coin|
The last time that the Philippines changed its 5 Peso coin was way back in 1990's. It was when the 5 Philippine Peso bill was then replaced by a bronze 5 Peso coin. The purpose of transforming the 5 Philippine Peso bill to coin was all about the value of the Philippine currency. The Philippine Peso's value dropped significantly during the Asian Financial Crisis in the 1990s. The 5 Peso Coin features one of the most important Philippine historical heroes during the Spanish Era. The face of Andress Bonifacio is featured on the front of the coin along with the value of the coin in Philippine currency. There are at least millions of 5 Philippine Peso coins that are now released to the public.
In the jeepney, passengers were puzzled when they were given a different version of a 5 Philippine Peso Coin. This is after when they paid using a higher bill or a coin and was expecting an older version of a 5 Peso Coin. Some passengers thought that they received the wrong currency because of the new appearance of the coin. Curious passengers asked the driver why they gave a different 5 Peso coin. The passengers were answered by other passengers that there is a new version of 5 Philippine Peso coins released by the Central Bank of the Philippines. It will take more time before the Pinoys will get used to circulating the new version of the Philippine Peso bill.
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WATCH: Which will you prefer, the new 5 Peso Coin or the Old version?
The Old 5 Philippine Peso Coin
This 5 Peso coin is the most commonly used currency in the Philippines. The coin is made up of mostly bronze material with a few precious metal elements such as silver. The composition of this version of the coin makes it heavier than the coins of other currencies around the world. The Philippines is considered one of the richest in Earth metals, making the country have numerous resources of metal resources that can be used as raw materials for coin production. The size is 27 mm or 1.1 inches in diameter.
The current version of the 5 Philippine Peso Coin is still used by the general public as the new version has just been released by the Banko Sentral ng Pilipinas. The Central Bank of the Philippines is expected to announce the official retirement of this version of 5 Peso Coins in the public circulation sometime in the future. This is because the first batch of newly released coins is still within the Metropolitan areas across the country. These are Metro Manila, Metro Cebu, Metro Davao, Iloilo, and its nearby areas surrounding the metropolis.
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The New 5 Philippine Peso Coin
The Filipino people were not expecting that this is the time for the new 5 Peso coin to change its image. Most Pinoys realized this change when they were commuting in passenger jeepneys around the metropolis. Upon receiving their change, they were confused with the new appearance of the coins that have just released by the Banko Sentral ng Pilipinas. Many thought that jeepney drivers were just making new pranks to them. This is because there are numerous pranks that are posted on social media websites by bloggers, vloggers, and entertainment networks.
After the Banko Sentral ng Pilipinas officially announced the changes with the new appearance of 5 Peso coins, the public started searching for the actual coin. Many are disappointed with the new version because the size is similar to the 1 peso coin. The recent change confuses the passengers and the elderly population because they were unable to distinguish the coin. Persons with disabilities such as the visually impaired individuals will be confused with the recent change. This means that there will be a heavy backlash with the new currency's feedback.
The Central Bank of the Philippines is asking for patience. They consider all backlash as a normal reaction by the public whenever there are new changes that they will apply to any currency, denominations, and other important financial issues. The agency is open to establishing dialogues with interested parties who are concerned with the new changes with the new denomination. The agency hopes to resolve any concerns soon as they expect leftist groups to file legal charges due to the recent changes with the denomination.
The question is, do you still want to use the older 5 peso denomination?
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