NEW Philippine Peso Bills

[Article via axbuss.net]


The newly written Philippine peso bills have been launched. The new bank notes took 3 years to pattern as well as conceptualize. Some of the changes in the latest Philippine peso bills embody Cory Aquino fasten Ninoy in the P500 note. According to BSP Governor Amando Tetangco Jr., the inclusion upon Cory was conceptualized right after her genocide in 2009 from colon cancer. Cory Aquino’s design is right away distinguished upon the P500 than Ninoy’s. This is since Cory was a former president.

President Benigno S. Aquino III receives from Bangko Sentral ng Pilipinas (BSP) Governor and Monetary Board Chairman Amando Tetangco, Jr., the new design of different denominations during the launching of the new generation of Philippine banknotes at the Rizal Ceremonial Hall, Malacañan Palace, Wednesday, December 16, 2010. [via President Noy's Facebook account]

Also enclosed in the changes have been the inclusion of the little of the Philippine’s landmarks as well as younger cinema of the heroes as well as domestic figures. The latest confidence facilities of the bank records embody embossed prints, sequence numbers, confidence fibers, watermarks, confidence thread, optically non-static device, optically non-static ink, as well as the see-through mark. The facilities enlarge as the worth of the note goes higher.

Here’s the summation of the facilities of the new Philippine peso bills: (via GMA TV news)

P20 bill

Obverse: Manuel L. Quezon

Reverse: Banaue Rice Terraces as well as the palm civet from the Cordilleras, that have been important for producing the coffee alamid

P50 bill

Obverse: Sergio Osmeña

Reverse: Taal Lake as well as the Giant Trevally (locally well known as Maliputo), the tasty chalky fish that thrives usually in the waters of the lake

P100 bill

Obverse: Manuel A. Roxas

Reverse: Mayon Volcano as well as “butanding” or whale shark, the world’s largest vital fish that is the categorical captivate of Donsol, Sorsogon

P200 bill

Obverse: Diosdado Macapagal

Reverse: Chocolate Hills as well as the Philippine tarsier, the single of the world’s smallest primates

P500 bill

Obverse: Corazon Aquino as well as Benigno “Ninoy” Aquino Jr.

Reverse: Puerto Princesa Subterranean River National Park as well as the blue-naped parrot, that thrives in the forests of Palawan as well as Mindoro

P1,000 bill

Obverse: Josefa Llanes Escoda, Vicente P. Lim, as well as Jose Abad Santos

Reverse: Tubbataha Reef Marine Park as well as the South Sea Pearl, that is constructed by oysters that flower in the South Seas that the Sulu Sea is the partial of

The New Generation Currency Program of the Philippines [via PhilMoney]

1. Why is the BSP changing the designs of our money?

As a matter of practice, central banks regularly change the designs of their money - whether coins or banknotes - to guard against counterfeiters. By making it very difficult and costly for counterfeiters to produce exact copies of our money, we protect the integrity of our currency against criminals.

2. How will BSP prevent the spread of counterfeit or fake money?

The BSP is upgrading the security features in all of our banknotes to make it easier for the public to detect fake money. The BSP will mount a nationwide information campaign to educate our people on how to tell genuine banknotes from counterfeits.

3. When will the new currency be distributed ?

The BSP will start distributing the initial batch of new banknotes in December 2010. New coins will be introduced starting 2012.

4. What denominations are covered by the new designs?

All of our six banknote denominations will have new designs: 20-piso, 50-piso, 100-piso, 200-piso, 500-piso, and 1,000- piso. At the same time, all of our coin denominations will have new designs: 1-sentimo, 5-sentimo, 10-sentimo, 25-sentimo, 1-piso, 5-piso, and 10-piso.

5. What will be the size of the new banknotes?

The size of the new banknotes will be the same as the present currency.

6. What will happen to the existing currency in circulation?

The present banknotes will remain in circulation and will continue to be accepted as legal tender for at least three more years. Based on previous currency retirement or demonetization program of the BSP, this will give enough time for the public to make a full transition to our new generation currency. A separate schedule will be followed for coins. Appropriate announcements will be released before and after the introduction of our new banknotes and coins to guide the public and ensure a smooth transition to our new currency.

7. How does the BSP select new designs and security features for our currency?

The BSP has a Numismatic Committee that initiates new design studies and proposes upgraded security features for consideration by its Monetary Board. Once a selection is made, the Monetary Board sends the proposed new designs for the approval of the President of the Philippines.

8. What are the design elements of our new banknotes?

Our new banknotes pay tribute to Filipinos who played significant roles at various moments of our nation’s history. World heritage sites and iconic natural wonders of the Philippines are also proudly highlighted.

9. What are the designs elements of our new coins?

The new coins will feature our national symbols.

10. What are the considerations in the selection of security features for our new currency?

The BSP did research and benchmarking on security features that are available from global suppliers and are being used by other central banks. The security features range from level 1 to level 4 or from highly visible to hidden security elements that can be detected only by sophisticated equipment. The layered security features are as follows:

Level I : Security features which can be easily recognized by the public without use of special instrument. These are the “look", "feel", "tilt” elements in the notes such as watermark, security thread, security fibers, and others.

Level II: Security features recognizable by professional cash handlers/bank tellers with the use of magnifying lens or ultraviolet light. Examples are fluorescent features and security fibers, microprinting.

Level III: The hidden or covert security features reserved for the use of the Bangko Sentral.

Level IV: Forensic security features for the use of law enforcers in testifying whether a banknote is genuine or counterfeit. Forensic features are detectable at specialized laboratories.

11. Is it costly to change currency designs and security features?

There are additional but relatively minimal costs involved in changing the design and upgrading the security features of our money. To the BSP, the benefits far outweigh the upfront incremental costs involved in shifting to the new designs and to abaca-reinforced paper that will incorporate the new embedded security features.

12. Who will produce our new currency?

In accordance with global practice, the preparation of the metal plates and dies for the production of money is done by highly specialized groups called “originators” who will print the first batch of our new currency. For this, an international competitive bidding will be conducted.

After this, the BSP will start printing our new currency using these origination materials. The BSP is also buying new equipment that will increase its printing capacity to meet the demands of our growing population and economy.