Bangko Sentral releases banknotes with Duterte’s signature for circulation
THE BANGKO SENTRAL ng Pilipinas (BSP) has released bills signed by President Rodrigo R. Duterte, which may be accessed through banks nationwide starting Tuesday.
The central bank yesterday started the release of P8.75 billion worth of banknotes to BSP offices all over the country, which will replace the current bills in circulation bearing the signature of former President Benigno S. C. Aquino III, BSP Deputy Governor Diwa C. Guinigundo said in a press briefing.
An initial 27 million pieces of bills with Mr. Duterte’s signature have been printed and distributed to BSP’s 19 branches across the country, where banks can access the notes with the updated feature. In turn, the public can withdraw these bills from the banks.
The BSP has printed five million pieces each for the P20, P50, P100, P500, and P1,000 denominations, and two million pieces for the P200 note. Mr. Guinigundo said they released a lower volume for the P200 bills due to a relatively weaker demand compared to the other denominations.
The central bank has the sole authority to issue bills and coins to be used for day-to-day transactions. It conducts all note printing and coin minting activities at its own Security Plant Complex located along East Avenue in Quezon City.
Under the Republic Act 7653 or the New Central Bank Act, the BSP is required to print bank notes which must bear the signatures of the incumbent President and central bank governor.
Mr. Duterte assumed office on June 30 for a six-year term after a landslide win during the May 9 elections.
The Duterte-signed bills simply update the New Generation Currency set of bills launched by the BSP in 2010, which replaced the older design set first issued in 1985.
The central bank is currently winding down the use of the 1985 bills, with the old notes set to lose value by Jan. 1, 2017.
The old money can still be exchanged before the BSP’s offices or in banks until Dec. 31. However, extensions were given for overseas Filipino workers, clerks of court and law enforcement agencies, authorized agent banks and local government treasurers who are still holding old money.
In a statement last week, the BSP said there remains some P24.7 billion worth of the old bills that remain in circulation as of end- October, representing 2.6% of total bank notes held by the public.
Mr. Guinigundo previously said that the BSP is also studying new designs for Philippine coins to carry enhanced security features to guard against counterfeit money.
There are currently seven types of coins being issued, which come in the one-centavo, five-centavo, 10-centavo, 25-centavo, P1, P5, and P10 denominations.