Newly Designed peso bills to be launched on December
The unveiling of redesigned peso bills is expected to happen in 3 weeks. The said bills could be in circulation before the year ends, a Bangko Sentral ng Pilipinas (BSP) official yesterday confirmed.
Central bank Deputy Governor Diwa C. Guinigundo said the bills are still being printed and tentatively the launching is set for the second week of December.
Last September, BSP Deputy Governor Armando L. Suratos last September said the new bills would start circulating in December. He added the new 500-peso bill would have the image of former President Corazon C. Aquino with her husband, Benigno S. Aquino, Jr.
Incorporated in the redesign are updated security features in order to detect fake money easily. The changes will be applied to the 20-peso, 50-peso, 100-peso, 200-peso, 500-peso and 100-peso notes.
However, Central Bank said, the old peso bills, will remain in circulation 3 years after the new bills are released.
Meanwhile BSP is also studying new designs for the one-centavo, five-centavo, 10-centavo, 25-centavo, one-peso, five-peso and 10-peso coins.
Central banks make it a point to change the designs of money regularly to protect currencies from fraudsters