THE Banko Sentral Ng Pilipinas (BSP) will release new generation notes with denominations from P20, P100, P200, P500 and P1,000 on November 2010.

This was announced on Monday by BSP Deputy Governor Diwa Gunigundo during the launching of the “Bacolod Public Information Campaign in the Role of Bangko Sentral ng Pilipinas in the Philippine Economy” at L’Fisher Hotel.

Click here for Election 2010 updates

Gunigundo said currencies are already 23 years old that’s why we have to change our series.

New coins will also be released following the release of the new notes.

“We have to go ahead of the counterfeiters”, he added saying that this time the new money will feature and reflect significant events in the country in the new era like the Edsa Revolution. It will also feature world heritage sites in the country like the Banawi Rice Terraces, Taal Lake, The underground river, the Chocolate Hills among others”, Gunigundo said.

The image of the our national heroes will remain in some bills except for the P500 where the image of late President Corazon Aquino will be added to the image of her husband, former Senator Benigno S. Aquino Jr.

Gunigundo also explained that our old series will still be in use despite the infusion of the new ones. But after 2 to 3 years, it would demonetize and could no longer be negotiable but it could be changed to the banks.

The new Philippine money will be printed at the Security Printing Complex. Our annual requirement in the country is 2.1 Billion but the capacity of the complex printing would only be 1.3 Billion so the balance of 700 billion will be printed abroad. Each bill costs P2 to P3. The printing abroad will undergo the bidding process, Gunigundo further said.

The new series will feature water marks and the new cutting edge.

Gunigundo meanwhile asked the public to help the circulation of coins by getting out of their coins. He said as of December 2009, the total coins circulated in the country were 15.6 billion with a value of P16.9 Billion. He said, we are supposed to have enough coins for everyone. The problem he said is that, many of those coins are kept at the piggy banks, ATMs (Automatic Tubig Machines), video games and in churches maybe. BSP in fact came up with a Coin Circulation Program in schools. The school is given computers if they can circulate 100,000 coins.

Because of the recession that hit even the superpowers, Gunigundo said, BSP is now focusing on the inflation targeting programs. The pillars of the BSP include the prices stability, financial stability, payments and settlements.

He said even the US, Europe and the biggest economy in Asia which is Japan did not escape from recession.

“The Philippines was able to avoid a recession. When we talk of recession, we’re talking of negative growth for two consecutive quarters. The Philippines managed to grow. We were moderate in the sense that our growth rate was rational and nonetheless the most important thing is that we avoided growing negatively for 2 successive quarters. We went through a very difficult experience. We have undertaken many reforms to achieve prices stability”, Gunigundo stressed.