Why is the BSP changing the designs of our money?
As a matter of practice, central banks regularly change the designs of their money – whether coins or banknotes – to guard against counterfeiters. By making it very difficult and costly for counterfeiters to produce exact copies of our money, we protect the integrity of our currency against criminals. While other central banks redesign their banknotes every 10 years on average, our present currency series has been in place for about 25 years now.
How will BSP prevent the spread of counterfeit or fake money?
The BSP has upgraded the security features in all of our new generation banknotes to make it easier for the public to protect themselves from receiving fake money. The BSP will continue to mount a nationwide information campaign to educate our people on how to tell genuine banknotes from counterfeits.
When will the new currency be available?
The new currency designs will be available starting this month, nearly three years after initial discussions on a new generation currency series started. We estimate that it will also take about three years to develop the new generation coin series, from concept to actual delivery of the new coins.
Will there be changes in the size of our new banknotes?
The size of the new banknotes has been retained and will be the same as the present currency notes.
What will happen to the existing currency in circulation?
The present banknotes will remain in circulation and will continue to be accepted as legal tender for at least three more years. Based on previous currency retirement or demonetization program of the BSP, this will give enough time for the public to make a full transition to our new generation currency. A separate schedule will be followed for coins. Appropriate announcements will be released before and after the introduction of our new banknotes and coins to guide the public and ensure a smooth transition to our new currency.
How does the BSP select new designs and security features for our new generation currency notes?
The BSP has a Numismatic Committee that initiates the new design studies and proposes upgraded security features for consideration by its Monetary Board which in turn submits these to the President for final approval. In the case of the new generation currency, the BSP invited Filipino design groups to interpret concepts integrating icons, places and events of national, historical and cultural significance. Once the selection process was completed, the Monetary Board submitted the new design proposals for the final approval of the President of the Philippines.
What are the design elements of our new banknotes?
Our new banknotes pay tribute to Filipinos who played significant roles at various moments of our nation’s history. In addition, world heritage sites and iconic natural wonders of the Philippines are also proudly highlighted.
What are the considerations in the selection of security features for our new currency?
The BSP does research and benchmarking on security features that are available from global suppliers and are being used by other central banks. The choice of security features allow for four levels of authentication ranging from simple visual inspection to the more complex laboratory and forensic examination of suspected counterfeits. In particular, these are:
- Level I : Security features which can be easily recognized by the public without use of special instrument. These are the “look, feel, tilt” elements in the notes such as watermark, security thread, security fibers, and others.
- Level II: Security features recognizable by professional cash handlers/bank tellers with the use of magnifying lens or ultraviolet light. Examples are fluorophosporescent features, security fibers, and microprinting.
- Level III: The hidden or covert security features reserved for the use of the Bangko Sentral.
- Level IV: Forensic security features for the use of law enforcers in testifying whether a banknote is genuine or counterfeit. These are detectable at specialized laboratories.
Did we use polymer or plastic in our money like some countries?
No, we will not use plastic or polymer in the production of our banknotes. What we will use is durable paper made principally of 80% cotton and 20% abaca in support of Filipino abaca farmers. We have been using Philippine abaca as it has improved the durability and extended the life span of our banknotes. Other countries including Japan also use abaca on their banknotes. To make sure that our suppliers use Philippine abaca, we require them to submit shipping documents that indicate the volume of abaca purchased from accredited Filipino abaca suppliers. As a matter of policy, we have made the use of Philippine abaca mandatory for suppliers of our banknote paper.
