MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is set to release the initial batch of banknotes bearing the signature of President Duterte starting next week.
BSP Governor Amando Tetangco Jr. said the new generation currency (NGC) bills bearing the signature of the country’s new chief executive would be available next week.
“The initial batch of NGC banknotes… is ready for release to the general public. These banknotes shall be issued to authorized agent banks once the approval process is completed,” Tetangco said.
The banknotes will also bear the signature of Tetangco, who is being considered for an unprecedented third term when his term expires in July next year.
Last January, the NGC bills were circulated in the market, replacing the New Denomination Series (NDS) banknotes launched in 1985.
The NDS banknotes can still be exchanged in banks and BSP offices until December this year before being demonetized in January 2017.
The NGC series, on the other hand, is user-friendly and allows easy identification of each denomination because of the dominant color that uses distinct and primary inks.
The banknotes also have several new and enhanced security features to protect the currency against counterfeiters. These include the big numerals corresponding to the value printed on both sides as well as the intaglio-printed front side of the currency to give an embossed feel and help the visually impaired differentiate each denomination.
Last February, the BSP also issued the new P100 bill, enabling consumers to easily distinguish it from the P1,000 banknote.
The issuance of the new P100 bills with stronger mauve or violet color was in response to suggestions from the public to make it easier to distinguish from the P1,000 bills.
The BSP under the new Central Bank Act of 1993 could call in for replacement notes of any series or denomination that are more than five years old and coins that are more than 10 years old.
Tetangco reminded the public that the NDS banknotes would be demonetized starting Jan. 1.
NDS banknotes were no longer acceptable as payment for any transaction since the start of the year but could still be exchanged at face value, free of charge, in authorized agent banks and at the BSP cash department or regional offices and branches until the end of the year.