[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.
FYI: Cory is already honored in the Philippines' largest denominated coin - the 1992 P10,000 coin - but how many can actually have that or even know it exists?
I was planning to make something like this before Cory will be buried today but when I searched the net, someone already thought of it. And since "Revolution" did such a good job in duplicating the texture and fonts (click on image to enlarge), this one is very much worth our attention.
Last July 9, the Bangko Sentral ng Pilipinas (BSP) started issuing 12 million banknotes with an overprint commemorating 60 years of central banking. The overprint is on all six circulation bank notes: 20-piso, 50-piso; 100-piso; 200-piso; 500-piso; and 1,000-piso.
The BSP explains, "Central banking is a function directly linked with the development of our economy and our nation. It is appropriate therefore that we commemorate this milestone. Central banking started in 1949 when the Central Bank of the Philippines (CBP) started operations following the passage of Republic Act 265. The CBP ended when Republic Act 7653 or The New Central Bank Act gave birth to the Bangko Sentral ng Pilipinas in 1993." source
After the frenzy over the P100 bills with the UP Centennial overprint, more Filipinos have become aware of the value of banknote overprints to collectors.
Note that 10 million copies of the 100-peso bill with the UP centennial overprint were released and people are still selling them today several times their face value. This time, 12 million banknotes with the 60 years of central banking overprint will be issued, distributed among the six circulation notes (P20, 50, 100, 200, 500, and 1000.) That means, only 2 million overprinted notes will be issued for each kind of bill. That's still quite a lot but if everybody hoards these overprinted bills, we might not see too many in circulation.
Get your own overprinted notes now!