MANILA, Philippines - The Bangko Sentral ng Pilipinas has added more security features on the new bank notes that will be available on a limited basis starting next week.
The new bills feature the seals of the republic and the BSP. It also has a patch where the colors change from blue to green and back to blue at a 45 degree angle.
The P500 has a photo inset where the face of the late Senator Benigno "Ninoy" Aquino Jr., father of President Aquino, appears. At a different angle, the photo changes to 500.
The bills have micro prints and security threads that will make it more difficult for counterfeiters to copy. The 200-peso, 500-peso and 1,000-peso bills have a 4mm security thread embedded on the paper. They also have a security feature for the vision-impaired as the numerical amount is embossed on the bill for the blind to feel the surface.
The new bills are made up of 80% cotton and 20% abaca. It has an anti-bacterial quality that can stay up to more than 3 years for higher denominated bills.
When asked why is there a need for the new bills, BSP deputy governor Diwa Gunigundo says one of the reasons is that counterfeiters have already almost perfected the current bills though the incidents have remained manageable.
Gunigundo says so much have changed in the economy and society since the issuance of the current bills. The BSP will circulate P45 to P50 million worth of bills before the year ends and another P2 billion next year.
Current bills can still be used for 3 to 4 years before its demonetized although people can still exchange their old bills at the BSP after that period.
The designers of the bills are Design Systemat and Studio 5. The 2 groups collaborated in the reverse and obverse side of the money bills.