Central bank launches new bank notes

Tuesday, July 19, 2011

CITY OF SAN FERNANDO -- The Bangko Sentral ng Pilipinas (BSP) San Fernando branch launched Tuesday the new generation Philippine Bank Notes, known as new generation currency (NGC), for cash handlers.

The launching was made at the Ephatha Hall of the Social Action Center of Pampanga in Barangay Maimpis here.

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The morning briefing was attended by government officials and representatives from regional agencies, offices, as well as students and teachers. The afternoon forum was for bankers and financial institutions.

The features of six new bank notes is a combination of technology and tradition, according to BSP currency analyst Joan Ballacillo, who described the high-security laden P20, P50, P100, P200, P500 and P1,000 bills as difficult to forge or counterfeit.

The NGCs also feature "bio-guard" that can last up to three years to prevent the transfer of bacteria and diseases.

"Much of the bills in circulation have been retained but the design has been enhanced. The NGCs now have embossed prints, asymmetric serial numbers, security fibers, watermarks, see-through marks, superimposed concealed value, security threads and for the P1,000 bill, the optical variable ink," said Ballacillo.

She added it is important that the bills be handled properly and not be tampered.

For his part, Acting Regional Director Tomas Carino Jr. told Sun.Star Pampanga that it may still take about two to three years before the NGCs come in full circulation.

"There is just a small percentage of it in circulation because of printing considerations. In two to three years, they will be in full circulation just in time for the demonetization of the current bills in circulation," he said.

He also said the innovations made on the new banknotes can be described by 4Ms -- maganda, matibay, malinis and makulay.

According to Cariño, the new banknotes' designs were made to pay tribute to Filipinos who became part of Philippine history, and highlight iconic spots.

Hard to counterfeit

The BSP also assured that the new generation of banknotes is difficult to counterfeit.

Carino said the new banknotes have added security features aside from their serial numbers.

The banknotes also have security fibers, which are red and blue, embedded on the paper at random glow in two colors under ultraviolet light, he added.

The new banknotes also have watermarks and security threads.

Carino said the watermarks show a shadow image of the portrait of the personality on the paper money and the numeral value of it is seen at the blank space of the note when viewed against the light from either side of it.

The security threads, he said, runs vertically across the note, which is also visible from either side of the note.

Ballacillo, however, said the Central Bank cannot stop individuals who would still try to copy the money.

"Of course, we cannot stop them from copying it. But, we assure the public that they will not be able to copy it as it is," Ballacillo said.

Reward system

She said the BSP has a reward system called "Bayani Ka Na, Magkakapera Ka Pa," which awards individuals who can provide confirmed information on counterfeiters.

Joshua Ayuste, acting assistant manager of the BSP-Pampanga, also said there are only P702 million worth of new bank notes circulating across the country.

"That is only a small number of new notes circulating so there is nothing really to worry about counterfeiting," Ayuste said. (With reports from Aurora Catu, Sun.Star Pampanga Intern)