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New Generation Philippine Banknotes
« on: December 16, 2020, 10:49:58 am »
#OnThisDay December 16, 2010, the launching of the New Generation Banknotes for ₱20, ₱50, ₱100, ₱200, ₱500, and ₱1,000 bills, which bear the signature of President Benigno S. Aquino III. On December 16, 2016, the Bangko Sentral ng Pilipinas (BSP) launched banknotes bearing the signature of President Rodrigo Duterte.

The launching of the new Philippine Banknotes forms part of the New Generation Currency Series, a program of the Bangko Sentral ng Pilipinas featuring new designs of Philippine banknotes for all denominations.

The new designs pay tribute to Filipinos who played significant roles at various moments in the nation’s history. World heritage sites and iconic natural wonders that Filipinos can take pride of.

As a matter of practice, Central Banks around the world regularly change the designs of their currencies to guard against counterfeiters. In BSP’s case, the redesign of the Philippine Currency not only updated its security features, but also changed its overall look to reflect the changing times in the country’s history.

On March 26, 2018, the BSP released the New Generation Currency (NGC) Coin Series comprised of the 10-Piso, 5-Piso, 1-Piso, 25-Sentimo, 5-Sentimo and the 1-Sentimo into circulation.

These NGC coins feature three national heroes (Apolinario Mabini in the 10-Piso, Andres Bonifacio in the 5-Piso and Jose Rizal in the 1-Piso), a stylized three stars and a sun in the 25-, 5- and 1-Sentimo, the BSP logo, and endemic flora consistent with the design of the NGC Banknote Series that highlights Philippine fauna.

On December 17, 2019, the BSP released the new 20-Piso NGC coin and the enhanced 5-Piso NGC coin with nine sides which are the latest to be circulated under the BSP’s NGC Coin Series. The bi-color 20-Piso coin retains major elements of the 20-piso banknote. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañan Palace, and the Nilad plant.

The NGC Coin Series design features enhanced the aesthetics and security of the coins. In particular, micro-printed details using laser-engraving technology were included in the 20-Piso, 10-Piso and 5-Piso, which makes it difficult for these coins to be duplicated using traditional coin counterfeiting methods. The metallic composition of the NGC coins also discourages the illegal practice of hoarding large quantities of coins for the extraction of their metal content.

In 2020, the Enhanced NGC series all banknotes except for the ₱20 were updated with the following changes:

The addition of intaglio tactile markings for the visually impaired in the form of horizontal bands (all banknotes)
The addition of an improved windowed security thread for the ₱100, ₱200, ₱500, ₱1000 banknotes featuring indigenous weaving patterns.
For the ₱1000 note the thread size has been increased to 5 millimetres, with the rest remaining the same.
For the ₱500 and ₱1000, the denomination value has been embossed with optically variable ink wherein the color changes if the banknote is tilted.
A stylized Philippine Flag has also been added with optically variable ink on the ₱500 note.

Sources:
1. "Bangko Sentral ng Pilipinas - Publications & Research", bsp.gov.ph
2. New Generation Currency Coin Series, Bangko Sentral ng Pilipinas
3. New Generation Currency Banknote Series, Bangko Sentral ng Pilipinas
4. Wikimedia Commons

#NewGenerationBanknotes
#Banknotes #BSP
#BangkoSentralNgPilipinas
#PhilippineBanknotes
#PhilippineHistory
#BoholProvincialLibraryDigital


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