New generation banknotes to be released next year

[Update: New Generation Philippine Banknotes released]

Screen grabs from GMA-7 news report shoowing 1000 peso bill designs with jeepney and tarsier. I don't know if these are some of the proposed designs or simply displays at the Money Museum.

GMA-7 news reported on the plan of the Bangko Sentral ng Pilipinas (BSP) to redesign all Philippine banknotes last November 10.

In an interview, Mr. Diwa Guinigundo, Deputy Governor of BSP, revealed they plan to release the redesigned notes by the last quarter of 2010. A redesigned set of coins will be released thereafter.

The overhaul of the Philippine peso bills was initiated since the design of Philippine money has been practically the same for over 20 years now. The plan is also seen as a measure to stay ahead of counterfeiters. The National Historical Institute (NHI) has no objections.

While the planned designs are not final yet, the Monetary Board is considering the following options:

• former presidents (Cory Aquino?)
  
• people who have given prestige to the Philippines (Manny Pacquiao? LOL)
  
• endemic animals (Tarsier?)
  
• historic and beautiful places (Tubattaha Reef, Subterranean River?)

Let's discuss each of these in detail sometime.

Redesigned Philippine Banknotes

The Bangko Sentral ng Pilipinas (BSP) is currently in the process of redesigning all Philippine banknotes which have hardly changed over the past two decades. However, a 21-year old designer from Pennsylvania went ahead of BSP and created interesting new Philippine Peso banknote designs which serves well as an appetizer for the real ones to come. I think this serves well also as a challenge for the Philippine central bank to be very creative in making radically new money.

In his blog, Ryan Riegner echoes my appreciation for banknote design. He also explains why he chose to play around with redesigning the Philippine peso.

Paper currency, regardless of it’s technical beauty, elegant craftsmanship and saturation into everyday life, it is one of the most commonly overlooked aspects of remarkable design… so I chose to redesign some. I decided to go with the Philippine peso, as I will be traveling to Australia and Southeast Asia this winter. I chose to focus primarily on applying governmental requirements, specific imagery, color, and form relative to the Philippines that showcased both internal and external associations with this island nation, and I am more than pleased with the result. I plan to distribute them to locals, possibly as trade if and when I arrive.

P100 bill features Melchora Aquino

P500 bill features Marcelo H. del Pilar

P2000 bill features Lapu-lapu (I think)

Ryan's three designs (100, 500, 2000 denominations) have the look of polymer notes which the BSP is also considering. However, there are some glitches in the spelling such as "Republica" instead of "Republika." The 100-peso notes are also wrongly indicated as "sandaang libong piso" (100,000) instead of "sandaang piso" while the 50-peso notes are "limang piso" (5) where they should be "limandaang piso." Nevertheless the relatively 'simple' designs are very interesting.

We do hope the BSP will open the redesigning of Philippine currency to all Filipinos in some sort of art contest. How about you? How do you want Philippine money to look like?