New bank notes out this year

A NEW generation of bank notes will be released in the last quarter of the year, an official of the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

“We are now in the second stage of the preparation of the new bank notes. We target to release it in the last quarter this year, probably before Christmas,” Deputy Governor of BSP Diwa Guinigundo said.

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Guinigundo was in Cebu to formally open BSP’s first Financial Education Expo at the BSP 7 office.

Although, the new bills are basically of the same size and color of existing banknotes, Guinigundo said there would be changes in the design.

One of the changes he said will be on the people, events, and places featured in the bills.

The change in the bills was decided because the design of Philippine money has been practically the same for over 15 years. He said the change is also seen as one way to stay ahead of counterfeiters.

“There is a need to adapt with the changes in the technology to safeguard our currency,” he said. The new generation of bank notes is equipped with security features. “It is ink-based and paper-based, making it difficult to be imitated,” he explained.

Old bank notes, he said, will still co-exist with the new bank notes two to three years after it will be demonetized.

Guinigundo said a redesigned set of coins will be released after the release of the bills.