BSP circulates enhanced NGC notes
The Bangko Sentral ng Pilipinas (BSP) will re-issue banknotes with “enhanced features” in all of the six denominations of 20-piso, 50piso, 100-piso, 200-piso, 500-piso and 1,000-piso.
According to a BSP statement, the redesigned New Generation Currency (NGC) banknotes is just a first of several enhancements they plan to adopt in the future. The next improvement is the inclusion of braille marks for the visually impaired.
The BSP will also fortify security features of the NGC banknotes.
The re-issued NGC design bear – for the first time – the signature of BSP Governor Nestor A. Espenilla Jr. who took over the central bank in July.
“The BSP, with its commitment in maintaining the integrity of the Philippine currency, is considering further enhancements for the NGC banknotes such as inclusion of braille marks for the visually impaired and other improvements in the security features,” said the BSP.
The BSP assured the public that the NGC banknotes released earlier and without the enhancements will still be considered as legal tender or used for exchange and transactions.
“The enhancements aimed to highlight significant moments in the nation’s history, as well as its world heritage sites and iconic natural wonders,” the BSP explained. “The Philippine banknotes remain a constant reminder of the Philippine patriotism and bravery, and centuries of journey for the Filipino people’s better future.”
The new NGC banknotes will be issued to authorized agent banks for withdrawal of the general public, said the BSP.
The changes made are as follows:
*the 200-piso’s obverse side is changed and now depicts the declaration of Philippine independence and opening of the Malolos Congress
*the 50-piso has an addendum in the text “Leyte Landing” to “Leyte Landing October 1944” *the 1,000-piso’s image of the Order of Lakandula Medal and the phrase “Medal of Honor” in the obverse side of the banknote have been deleted
*all six denominations have changes in the format of the scientific names and increase in the font size of the year mark of the banknotes.
The NGC was first introduced in December, 2010. It fully replaced the New Design Series (NDS) in January, 2017.
The old banknotes or NDS series were taken out of circulation at the end of 2015 and demonetized by January 1 this year. After that, NDS – which were first circulated in 1985 – were no longer acceptable as payment for any transaction but could be exchanged at face value, free of charge, at the BSP or any of its regional offices and branches until December 29.
“As a matter of practice, central banks regularly change the designs of their money – whether coins or banknotes – to guard against counterfeiters,” said the BSP. “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 that while other central banks redesign their banknotes every 10 years on average, the NDS was unchanged for 25 years until it was replaced, gradually, beginning in 2011.