In July 2020, the Bangko Sentral ng Pilipinas (BSP) announced the new designs of the Philippine banknotes, and recently making headlines, the BSP unveiled the new design of the P1000 banknote. The new design changes by the Bangko Sentral ng Pilipinas will give the country's currency a new look and feel.
Our money is an artistic creation that embodies the soul of our nation and is also designed packed with security features expertly interwoven into the general design theme. Below is the information regarding the new designs of the Philippine money, its objectives, goals, and the future of our banknotes.
The “New Generation Currency” banknotes
The New Generation Currency (NGC) banknotes are the current series of Philippine banknotes issued by the BSP beginning in December 2010 after the recommendation of the Monetary Board was approved by the President of the Philippines.
With the BSP logo, iconic representations of Philippine natural marvels, and local fauna, the NGC Banknotes Series is consistent with the design of the NGC Coin Series that showcases Philippine flora.
In December 2010, the BSP released the 1000-Piso, 500-Piso, 200-Piso, 100-Piso, and 20-Piso NGC banknotes. In December 2019 the BSP started releasing the 20-Piso NGC coins to replace the 20-Piso NGC banknotes in circulation.
The Launch of enhanced “New Generation Currency” banknotes
New designs for Philippine banknotes were unveiled in July 2020 by Governor Benjamin Diokno and Senior Assistant Governor Dahlia Luna. They are intended to increase security against counterfeit bills and make them easier to recognize and distinguish.
Why the BSP is redesigning the banknotes
Enhancements to NGC banknote series security features are necessary because the series has been around for nine years. As a practice, on average of every 10 years, the BSP regularly redesigns and changes security features of Philippine money to protect its integrity, whether it be coins or banknotes. It is difficult and even impossible for counterfeiters to generate identical duplicates of cash with the BSP making it extremely increasingly difficult and expensive for them to do so. Moreover, BSP has been trying to innovate and take advantage of the technology for further convenience to everyone.
The design of the P1,000 banknote
Benjamin Diokno, the Governor of the BSP, stated that the new P1,000 design would be released in the fourth week of April 2022 as part of a new series. The Philippines' "fauna and flora" will be the theme of this new series. According to the BSP, the new P1,000 banknotes will be redesigned to bear the image of the Philippine Eagle and Sampaguita – the Philippine national bird and national flower.
The National Historical Commission of the Philippines accepted the revised design, according to Diokno. Also, the Monetary Board and the Office of the President have given their approval to the issuance of this redesigned banknote.
According to Diokno, the Philippine eagle design shows the strength and independence of Filipinos, also the freedom and clear vision of the BSP for the country's
Despite the development of digital payments, most parts of our society still prefer to pay for products and services using cash. BSP's goal is to guarantee that banknotes and coins are accessible, identifiable, and easy to authenticate, as well. The redesigned banknotes are made of polymer instead of cotton and abaca which would also be more environmentally friendly, sustainable, durable, and cost-effective, according to the BSP. It was also stated that they would be water and dirt-resistant, rendering them more ideal for transactions in wet marketplaces.
The enhancements on the design and security features of new NGC banknotes
Security Thread
Ethnic weaving patterns will be woven into the window security thread that runs vertically through each denomination. Each denomination has its own distinctive design. When seen from various angles, the note's windowed security thread (WST) displays the movement of patterns, colors, and micro-optic features. The numerical denominational value and the inscription "BSP" are repeated in a series on these threads, which have an indigenous weaving pattern. It has been expanded from 4mm to 5mm for 1000-Piso, but the width of other denominations has remained the same at 4mm.
- The 1000-Piso has a T’nalak weave design that displays the movement of patterns, colors, and micro-optic features when viewed at different angles.
- The 500-piso has the weave design from the southern Philippines with 3D holographic features that color shifts from gold to jade and vice versa when viewed at different angles.
- The 200-piso has the indigenous textile design of Visayas with 3D holographic features that color shifts from green to blue and vice versa when viewed at different angles.
- The 100-piso has the indigenous textile design of the Bicol region with 3D and holographic features that color shifts from violet to bronze and vice versa when viewed at different angles.
Optically Variable Device (OVD)
A reflective foil patch depicting the picture of the Blue-napped parrot for the 500-Piso banknote and the South Sea pearl for the 1000-Piso banknote is used in the OVD. Rotating the note 90 degrees causes its color to change from red to green.
Optically Variable Ink (OVI)
Only 1000-Piso banknotes have this feature. When seen from different angles, the denominational value embossed in the lower right corner of the note's face changes color from green to blue.
PWD-friendly design
Because of the particular restrictions and problems PWDs confront while executing financial transactions, they are an important element of the BSP's financial inclusion goal. BSP aimed for a PWD-friendly financial system as they redesign banknotes. Tactile markers are included in the enhanced NGC banknotes to make it simpler for the elderly or those who have impairments to distinguish between different denominations.
Conversion of P20 to coins
In July 2019, the BSP first announced intentions to convert the P20 note to a coin. Governor Diokno credited the decision to a University of the Philippines study which recommended the conversion of paper P20 to meta coin for durability since it is the most used denomination.
Despite its technical brilliance, delicate craftsmanship, and extensive use, paper currency is one of the most usually neglected features of exceptional design. So how about you? while you are sitting comfortably and enjoying your condo living, how do you want Philippine money to look like?
Undoubtedly, our banknotes are one of our nation's treasures. As Diokno exclaimed, "Ingatan natin ang ating salapi, salamin ito ng ating yamang lahi." So let's all do our share to make sure its value is preserved and protected.
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