BSP to issue peso bills with new designs by December
By December of this year, we could be having new designs on our peso bills. The Bangko Sentral ng Pilipinas (BSP) would begin circulating by December the new peso bills, while coins will follow suit after two years.
According to the BSP, aside from having new designs, the new bills and coins will also have new security features which would make it easier to detect counterfeit money.
BSP in its primer said, “As a matter of practice, central banks regularly change the designs of their money – whether coins or banknotes – to guard against counterfeiter. 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.”
The peso bills, from the 20-peso to the 1,000-peso, and coins from the one-centavo to the 10-peso, are all up for a facelift. Once the new designs have begun circulating, BSP said the existing peso bills would remain valid and legal tender in the next three years, after which they will be phased out.
“Based on previous currency retirement or demonization program of the BSP, this will give enough time for the public to make a full transition to our new generation currency,” BSP said, adding that there would be a separate schedule for the coins.
The new bills will feature historically important Filipinos, heritage sites and natural wonders. Among the revision in the design is the inclusion of the image of the late former President Corazon C. Aquino in the P500 bill, which already features husband Benigno Aquino, Jr.
The coins will be having national symbols in the new design.
March 27, 2010
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Roy В· 
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Tags: Bangko Sentral, BSP, business news, Central Bank, currency, finance, legal tender, monetary, money, Peso, Philippines В· Posted in: Announcement, banking, Consumers, economy, entrepreneurship, finance, Government, money, Philippine business news, Philippines
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Tweets that mention New peso bill designs out by December | Money and Finance -- Topsy.com - March 31, 2010
[...] This post was mentioned on Twitter by xxxriainxxx and Louise Yap, Tourism Philippines. Tourism Philippines said: Bangko Sentral ng Pilipinas (Central Bank of the Philippines) to issue peso bills with new designs by December – http://bit.ly/ctxHkd [...]
The US Treasury together with the Fed will also be releasing a new $100 dollar bill design by February next year.
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Roy Reply:
April 24th, 2010 at 11:28 pm
Hi Tyrone!
Yes, I think I read that. Pero madalang magpalit ang US, kung magpalit man, halos sa security features lang, hindi sa design.
Nice title you got on your last post. I think I will check it out.
Thanks for dropping by
.-= Roy´s last blog ..Badminton Tournament and a night of 80’s music =-.
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