Redesigned peso bills’ launch set for December--BSP
Posted at 11/24/2010 3:10 AM | Updated as of 11/24/2010 3:15 AM
MANILA, Philippines - Redesigned peso bills are expected to be unveiled in 3 weeks and could be in circulation before the year ends, a Bangko Sentral ng Pilipinas (BSP) official yesterday said.
"[They are] still being printed. Tentatively set for the 2nd week of December," central bank Deputy Governor Diwa C. Guinigundo said in a text message when asked when the new bills would be launched.
An exact date for their issuance has not been set, Mr. Guinigundo said, adding that the launch will be followed by road shows in Manila, La Union, Cebu and Davao.
He declined to give details on the new designs.
BSP Deputy Governor Armando L. Suratos last September said the new bills would begin circulating in December. He also said the new 500-peso bill would have the image of former President Corazon C. Aquino with her husband, Benigno S. Aquino, Jr.
Included in the redesign are new security features for the easier detection of fake money. The changes will be made to the 20-peso, 50-peso, 1000-peso, 200-peso, 500-peso and 100-peso notes.
The old peso bills, the central bank has said, will remain in circulation 3 years after the new bills are released.
The BSP is also studying new designs for the one-centavo, five-centavo, 10-centavo, 25-centavo, one-peso, five-peso and 10-peso coins.
Central banks regularly change the designs of money as a matter of practice to protect currencies from counterfeiters.