[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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Does the BSP plan to do a major overhaul, like what they did when they discontinued the Bagong Lipunan Series in favor of the New Design Series we use today? Or just add more security features?
ReplyDeletethey shld be together.
ReplyDeleteThat's definitely great news. We've been using the same design since 1980s and I think it's about time to do a major redesign of the banknotes, and surprisingly coins, too. Hopefully Bangko Sentral consider adding new security features like holograms, EURion, marks for visually impaired, etc. I'm really excited!
ReplyDeleteI wonder if Filipino citizens can contribute in designing the newest banknotes. How could they submit their entries? I hope the Central Bank can start a banknote design contest...
ReplyDeleteOMG,
ReplyDeleteishould start keepin all my UNC notes now. una .. next year gloria will be out.. therefore all GMA notes will slightly increase in value.
and second.. overhaul in design? winner yan!
sana polymer na! like in australia, papuna new guinea ans romania..
this is a sad news for me better yet a good news too.. im collecting the same 20 pesos since 1988. got 5 president lol, marcos aquino ramos estrada and arroyo. i hope they change the 20 pesos last. so i can get another president on my 20pesos bill collection.. i got a huge 20 peso bill collection and im sure they started the 20peso bill with the year on it last 1998 when erap sits as president
ReplyDeleteShould 5 and 10 peso banknotes revive with the paper changed to polymer?
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ReplyDelete