BSP to print new money design this year
Posted on January 5th, 2010
Anytime this year, we will be seeing new designs in our money, both in bills and coins. The new money designed are set for printing within the year, said the Bangko Sentral ng Pilipinas (BSP), after getting the approval of President Gloria Macapagal-Arroyo.
Among the new design would be the new P500 bill that would include a portrait of the late President Corazon Aquino beside former Senator Benigno Aquino.
BSP Governor Amando M. Tetangco Jr. said they are choosing from the three favorite photographs of the late Chief Executive to be included in the new P500 bill. They will also submit the chosen photo for the redesigned bill to the Aquino family for their approval.
BSP Deputy Governor Diwa Guinigundo leads the central bank officials who comprise the numismatic committee, who also includes representatives from the national historical commission, including Ambeth Ocampo and Dr. Jimmy Laya. The committee is finalizing the design of the new banknotes and coins.
The BSP governor said the new banknotes and coins would feature national wonders. “We have looked at several designs. This will require presidential approval,” Tetangco added.
The central bank official hopes to get the approval of the president on the new designs of the banknotes and coins before June this year, the end of Arroyo’s term. Old banknotes and coins would still be considered legal tender, Tetangco said, adding that replacement would be gradual.
The central bank made the announcement last year of its plan to do a massive facelift of banknotes and coins to further enhance security features and improve durability. It added that the existing design of banknotes and coins was made three decades ago.
The new designs of banknotes and coins would still have the same color as the old series, to avoid confusion. But they would have enhanced security features, according to BSP’s director for its Corporate Affairs Office.
