BSP rolls out new peso bills
Filipinos are in for a treat with crisp peso bills in time for the Christmas holiday season when children usually get money as their ‘aguinaldo’ as the Bangko Sentral ng Pilipinas released the New Generation Currency (NGC) banknotes Tuesday.
The new bills with enhanced design, bears the signature of BSP Governor Nestor Espenilla Jr. who assumed office last July 3. Espenilla, the fourth BSP governor, replaced Amando Tetangco Jr. who served an unprecedented two six-year terms.
The enhancements to the 20-, 50-, 100-, 200-, 500-, and P1,000-piso are aimed to highlight significant moments in the nation’s history, as well as its world heritage sites and iconic natural wonders.
“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 BSP said.
As part of the enhancements, the BSP changed the format of the scientific names and increased the font size of the year mark of the banknotes.
In the 1000-piso bill, the BSP deleted the image of the Order of Lakandula Medal and the phrase “Medal of Honor” in the obverse side, while an addendum in the text “Leyte Landing” was made to “Leyte Landing October 1944” was made to the 50-piso bill.
Likewise, the images in the obverse side of the 200-piso bill was made particularly those depicting the Declaration of Philippine independence and opening of the Malolos Congress.
The BSP 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 as part of its commitment in maintaining the integrity of the Philippine currency.
The BSP launched the NGC banknotes in the market in 2010 replacing the New Design Series (NDS) bills launched in 1985. The NGC series is user-friendly and allows easy identification of each denomination because of the dominant color that uses distinct and primary inks.
The BSP completed the demonetization of the NDS banknotes last June 30 after several deadline extensions. The NDS bills launched in 1985 lost its monetary value last July 1.
However, the BSP’s Monetary Board allowed anew the exchange of NDS bills until Dec. 29 in response to numerous requests from the general public. Long queues have been a familiar site especially at the BSP complex in Malate, Manila since the extension was announced.
The BSP under Republic Act 7653 or the new Central Bank Act of 1993 could call in for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.
The BSP has started the roll out of the new coin series with the five-piso coins this month while the rest of the denominations of the redesigned coins would be released for circulation in January.