BSP eyes release of bank notes with P-Noy's signature

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is eyeing the release of bank notes bearing the signature of President Aquino early next month or about three months after he was sworn into office as the country’s 15th chief executive.

“We will start releasing the notes with President Aquino’s signature by September,” BSP Deputy Gov. Armando Suratos told reporters.

He said it has been the practice of the BSP to immediately release bank notes or paper bills bearing the signature of a newly sworn president.

Suratos said there had been a delay in the release of the bank notes or paper bills bearing Aquino’s signature because they had to come up with new plates.

In 2005, a European printer of the BSP supplied 80 million P100 bills with the misspelled name of former President Gloria Macapagal-Arroyo, which was printed as Arrovo.

As many as 2.092 million pieces had been released before the discovery of the error.

The BSP had identified Oberthur Technologies as the printer involved in the misprinting of the P100 “Arrovo” bills in 2005.

The BSP is scheduled 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 central bank decided to upgrade the security features of all banknotes to make it easier for the public to detect fake money.

The central bank said all six banknote denominations - P20, P50, P100, P200, P500, and P1,000 - as well as the coins would have new designs.

There are six banknotes series in circulation including the blue-colored P1,000 bill which features World War II heroes Jose Abad Santos, Josefa Llanes Escoda and Gen. Vicente Lim introduced in 1991; the yellow P500 bill with the image of 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 Osmeña 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 tender.

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