[UPDATE: New Generation Philippine Banknote Series Released!]Wonderful news for all numismatists! The Bangko Sentral ng Pilipinas (BSP) has hinted that they will be
redesigning all Philippine banknotes over the next two years and
eventually redesign all the coins also. News is that BSP Governor Amando Tetangco Jr. supports the inclusion of late former president
Corazon "Cory" Aquino in what will be the redesigned P500 bill. (So with the BSP governor's support, what will stop them?) It is not clear, however, if Cory will be together with Ninoy or they will find themselves on separate bills.
The "
new-generation currency notes," which will have
totally new looks. will be released one at a time in a span of about two years
starting next year. (That will sure be an exciting 2 years for banknote collectors and the rest of the Filipinos!) The BSP has already started the redesigning process to come up with the new banknotes that will have better
security features to further deter counterfeiting. They are also considering the use of polymer (plastic) notes such as the ones used in Australia but they are still considering the pros and cons. The BSP also wants to continue supporting the local abaca industry. (Current notes are 20% abaca, 80% cotton.
The current set of Philippine banknotes was first issued in 1985 starting with the 5 peso bill. They were slightly redesigned in 1993 (new BSP logo) and 2001 (year-mark and new security features).
It is also possible that the BSP will be issuing
new denominations although I cannot imagine what denomination it would be. A
P2000 or P5000 bill?
According to BSP Deputy Governor Amando Suratos, they will eventually
redesign the coins also. The current design of Philippine coins was first released in 1995.
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