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Philippines to Redesign Bank Notes, Coins in Next Two Years
 | By Richard Giedroyc, World Coin News
September 14, 2009 |
Coinage and bank notes don't change very quickly in the Philippines. The last time any major change in the Philippines' currency occurred was more than 20 years ago.
In keeping with this tradition the Bangko Sentral ng Pilipinas or Philippines Central Bank announced during July the nation's coins and bank notes are going to be redesigned - in about two years. At the moment it doesn't appear that any definitive plan even exists. The only glimpse into any future change comes through BSP Governor Amando M. Tetangco.
Tetangco, in reply to a question posed to him Aug. 7 by the Philippine newspaper Business World said: "Yes, I have asked the numismatic committee to consider the proposal to put up the portrait of former President ["Corazon "Cory" C.] Aquino in the 500-peso bill in designing our new generation currency notes."
The BSP confirmed the recently deceased President Aquino will share the note with her husband, former Senator Benigno "Ninoy" S. Aquino, Jr. Her husband appears on the current 500-peso bank note. The late senator was assassinated in 1983, an event that led to the People Power revolution. Vignettes from his life, as well as allegorical groups, appear on the back of the current note.
BSP Deputy Governor Amando Suratos was quoted Aug. 7 by the Philippine newspaper Inquirer as saying, "We are also improving the security features of the notes because we have to be a step ahead of counterfeiters." Unfortunately Suratos had nothing to say about the anticipated changes to circulating coinage.
Plans call for the new bank notes to be released one at a time throughout a two-year period. An unofficial source said the BSP is considering changing the notes from their current 20 percent abaca/ 80 percent cotton composition to polymer (plastic), however the BSP wants to continue supporting the domestic abaca industry.
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