BSP to release 1st batch of new banknotes in December

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) is set to distribute the initial batch of redesigned banknotes in December and the new coins starting 2012 as part of efforts to guard against counterfeiters.

The BSP said in a primer on the launch of the new banknotes and coins that the central bank decided to upgrade the security features of all banknotes to make it easier for the public to detect fake money.

“As a matter of practice, central banks regularly change the designs of their money – whether coins or banknotes – to guard against counterfeiters. By making it very difficult and costly for counterfeiters to produce exact copies of our money, we protect the integrity of our currency against criminals,” the BSP said.

A nationwide information campaign would be undertaken by monetary authorities to educate Filipinos on how to tell genuine banknotes from counterfeits. 

The central bank said all six banknote denominations including P20, P50, P100, P200, P500, and P1,000 would have new designs while coins denominations such as one centavo, five centavos, 10 centavos, 25 centavos. P1, P5, and P10 would also have new designs.

There are six banknotes are currently in wide circulation including the blue-colored P1,000 bill which features World War II heroes Jose Abad Santos, Josefa Llanes scoda and Gen. Vicente Lim introduced in 1991; the yellow P500 bill with the late Sen. Benigno Aquino introduced in 1987; and the green P200 with the late President Diosdado Macapagal and President Arroyo issued in 2002.

There is also the purple P100 with President Roxas issued in 1987; the red P50 with President Osmena introduced in 1987; and the orange P20 with former President Quezon issued in 1986. The brown P10 with Apolinario Mabini first issued in 1985; and the P5 bill with Emilio Aguinaldo are no longer being produced but are still legal tenders.

National heroes and prominent figures in peso bills include national heroes Jose Abad Santos, Josefa Llanes Escoda, Gen.Vicente Lim, Mabini, and Aquinaldo as well as former Presidents Macapagal, Manuel Roxas, Sergio Osmena, Manuel Quezon, and President Arroyo. Those in the coins include Mabini, Andres Bonifacio, and Jose Rizal.

The Numismatic Committee composed of central bank officials led by Bangko Sentral Deputy Gov. Diwa Guinigundo decided to include natural wonders in the new banknotes and coins.

The new P500 bill would also include a portrait of the late President Corazon Aquino beside former Sen. Aquino.

The new banknotes would pay tribute to Filipinos who played significant roles at various moments of our nation’s history and would also feature world heritage sites and iconic natural wonders of the Philippines.

The BSP added that the new coins would feature national symbols.   

Last year, the BSP announced that it was contemplating a massive face lift for banknotes and coins that were circulated three decades ago to further enhance security features and improve durability.

Earlier, Guinigundo said the present banknotes would remain in circulation and would continue to be accepted as legal tender for at least three more years.

He explained that the BSP’s previous currency retirement or demonetization program would give enough time for the public to make a full transition to the new generation currency.