Old banknotes may be retired next year
BANKNOTES with the old design may be retired starting next year, if the Bangko Sentral ng Pilipinas’ (BSP) push to use the new generation currency (NGC) proceeds on schedule.
Although the NGC’s security features are an improvement on the previous design, the Bangko Sentral ng Pilipinas (BSP) continues to encourage the public to be vigilant against counterfeit bills.
BSP-Cebu Regional Director Ma. Lux Berciles and BSP-Cebu bank official Hazel Arante discussed the NGC’s security features in a recent talk show hosted by the Philippine Information Agency (PIA) 7 at the PIA’s office on Gorordo Ave., Cebu City.
In December 2010, the BSP started distributing the NGC, the latest banknotes that feature a new design but the same size as the previous new design series (NDS).
Before the NGC came out, the Philippines used the NDS for the last 25 years. Officials said the global standard is to change currency designs every five years, to guard against counterfeit bills.
The NGC set, which is supposed to coexist with the NDS for three to four years, is composed of six denominations: P20, P50, P100, P200, P500 and P1,000 bills.
As stated in the BSP’s website, the NGC’s security features range from highly visible to hidden security elements that can be detected only by sophisticated equipment.
Based on The New Generation Philippine Banknotes Reference issued by BSP, Berciles and Arante explained the Level 1 security features include embossed prints, serial numbers, security fibers, watermarks, see-through marks, concealed values and security threads.
Red and blue visible fibers, which are embedded on the paper at random, glow in two colors under ultraviolet light.
When viewed against the light from either side of the note, a shadow portrait image and the note’s numeral are seen in the blank space, while the word “PILIPINO” in Baybayin or the pre-Spanish Philippine writing system is also seen in complete form.
When the note is rotated 45 degrees and titled down, the denominational value superimposed on the smaller version portrait at the upper left side of the note becomes obvious.
For P20 and P50 bills, an embedded vertical thread across the note is visible from either side when viewed against the light. A stitch-like vertical metallic thread changes color from red to green for the rest of the banknotes.
Another characteristic for genuine P500 and P1,000 banknotes is the reflective foil. The P500 bears a blue-naped parrot image and a small BSP logo; an image of a South Sea pearl inside a clam and a small BSP logo appear in the P1,000 bill.
Berciles said that if a person discovers a fake new generation bill, a receipt must be made with the denomination, serial number and the holder’s signature to be forwarded to the BSP for evaluation.