New currency to circulate by last quarter of 2010
The initial batch of the new Philippine banknotes will start circulating by the last quarter of this year, Bangko Sentral ng Pilipinas Iloilo Branch Manager Job Nepomucena said.
Nepomuceno said in a Philippine Information Agency interview that all the six banknote denominations will have new designs as well as all the coin denominations that will start circulating in 2012.
BSP said the size of the new banknotes will be the same as the present currency, while the design elements will pay tribute to Filipinos who played significant roles in various moments of the country’s history.
The banknotes also highlight world heritage sites and iconic natural wonders of the Philippines, while the new coins will feature Filipino national symbols.
Nepomuceno said the launching of the new designs for Philippine money is a regular practice of the BSP to guard against counterfeiters and protect the integrity of the currency against criminals.
The BSP did a research and benchmarking on the security features, which range from highly visible to hidden security elements, including those which can be easily recognized by the public through “look,” “feel,” “tilt,” elements in the notes such as watermark, security thread, security fibers and others.
Other security features include those which are recognizable by professional cash handlers/bank tellers with the use of magnifying lens or ultraviolet light.
There are also forensic security measures for the use of law enforcers in testifying whether a banknote is genuine or counterfeit.
BSP-Iloilo has advised the public to be vigilant about counterfeit money and report existing of which immediately to them, while they also emphasize public respect for the Philippine currency and surrender these once they are torn, or worn out.
