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  • BSP Says It Will Be Easy To Distinguish Bills With New Banknotes

    Have you gotten your hands on one, yet?
    by Kitty Elicay .
  • If  you’ve mostly been doing online transactions during the community quarantine, don’t be surprised if you get your hands on Philippine peso bills that feature a new look. No, it’s not fake money — the Bangko Sentral ng Pilipinas (BSP) launched enhanced new generation currency banknotes in July 2020 that have additional tactile marks for the elderly and visually impaired, plus improved security features.

    “These banknotes are equipped with the latest anti-counterfeiting technology and embedded with tactile marks that will make it easier for the elderly and persons with disabilities to differentiate each denomination,” BSP Governor Benjamin Diokno said in a report by Philstar.

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    The security feature is seen through tactile marks that can be touched and felt on the right of the bill. There are also pairs of short horizontal bands located on the left and right sides of the note: the Php1,000 bill has five pairs, the Php500 bill has four pairs, the Php200 bill has three pairs, the Php100 bill has two pairs, and the Php50 bill has one pair.

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    Included in the new look are rolling bar effects on the value panels of the Php1,000 and Php500 bills and enhanced colors on other value panels, which make it easier to see the amount, plus security threads that feature an indigenous weave design.

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    “Through this distinguishing feature, the elderly and the visually impaired will be more confident n using the banknotes for their transactions, paying the way for financial inclusion,” Diokno said. He adds that the different features will also make higher denominations more difficult to counterfeit.

    What about the current banknotes that were issued starting in 2010? Don’t fret — the BSP assures that it would remain legal tender and will co-exist with the enhanced banknotes. They would also continue to print the Php200 bills, while the Php20 bill will be printed until the inventory for raw materials are used up.

    Have you seen the new Philippine peso bills? What do you think of the new look? For more money saving tips, click here.

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