THE scheduled release of the new banknotes series before the end of this year is a cause for both excitement and curiosity. We are eager to find out what will be the changes in the designs and which ones will remain: From the Presidents and other important Filipino personalities featured, to the colors and actual sizes of the bills.

The New Generation Currency Project has been the subject of considerable discussion in the Numismatic Committee of the Bangko Sentral ng Pilipinas since last year. The Numismatic Committee, chaired by BSP Deputy Governor Diwa Guinigundo, has exhaustively debated various suggested themes, formats, materials to be used, as well as security features.

Will the New Generation Currency be entirely new or will it retain features of the present series? Will it feature personalities other than those who are already in the present bills? Will we have different sizes for each denomination as practised in other countries? Will the new bills be made of paper, polymer or a combination of both?

All these features are very important, especially the design, because as Director Fe de la Cruz, head of BSP Corporate Affairs, aptly points out: “We look at currency as a mirror of what our country aspires for.”

The Numismatic Committee has already submitted its recommendations to the Monetary Board. In turn, the Monetary Board has decided to favorably endorse the same to President Gloria Macapagal Arroyo for final approval.

Without delving too much into details at this point, it would be safe to report that the new bills will contain very advanced security features so as to make them practically counterfeit proof. Remember that security is the primary reason for the periodic redesign and printing of new bills.
The basic colors of the new bills will be preserved to prevent mix-ups and mistakes, especially during nighttime transactions. So it will be still be orange for P20 bills, red for P50 bills, violet for P100 and so on.

The figures and denominations on the new bank notes will be larger for easier recognition.
The present size of the bills will be retained for compatibility with ATM machines which are currently being used.
With the issue of the New Generation Currency, what will happen to the money presently in circulation?

Unless earlier retired because they have become unfit for circulation, the present bank notes will remain legal tender for at least three more years. According to Director De La Cruz: “Based on the previous demonetization program of the BSP, three years will give enough time for the public to make a full transition to our new generation currency.”

Meanwhile, Director De La Cruz added that the BSP continues to upgrade and expand its capacity to print our banknotes and mint our coins to cope with our country’s growing population and economy.

“While the use of credit cards and debit cards continues to rise, cash remains the payment of choice in our economy,” she said. (Continued next week)

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