Banknotes of the Philippine peso
Banknotes of the Philippine peso are issued by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) for circulation in the Philippines. The smallest amount of legal tender in wide circulation is 20 peso and the largest is 1000 peso. The front side of each banknote features prominent people along with buildings, and events in the country's history while the reverse side depicts landmarks and animals. While the 5- and 10-peso denominations have been concurrently offered in coins in recent years, the 5- and 10-peso notes have not been demonetized.
- 1 History of Philippine banknotes
- 2 Banknotes issued by the Bangko Sentral ng Pilipinas
- 3 Higher denominations
- 4 References
- 5 External links
History of Philippine banknotes
On May 1, 1852, the first commercial bank of the Philippines, El Banco Español Filipino de Isabel 2A issued the following denominations initially 10, 25, 50 and 200 pesos fuertes (strong pesos). They were used until 1896.
First Philippine Republic
The revolutionary republic of Emilio Aguinaldo ordered the issuance of 1, 2, 5, 10, 25, 50, 100-peso banknotes which wete signed by Messrs. Pedro A. Paterno, Telesforo Chuidan and Mariano Limjap to avoid counterfeiting. However, only the 1 and 5-peso banknotes have been printed and circulated to some areas by the end of the short-lived First Republic.
|Value||Main Color||Description||Years of Circulation|
|1 peso||White||Official Name (República filipina)||Official Name (República filipina)||1899–1901|
|5 peso||White||Official Name (República filipina)||Official Name (República filipina)||1899–1901|
By 1903, the American colonial Insular Government had issued Silver Certificates in the denominations of 1, 2, 5, 10, 20, 50, 100 and 500 pesos, backed by silver coin or U.S. gold at a fixed rate of 2:1. In 1908, the El Banco Español Filipino was allowed to print banknotes in the following denominations with text in Spanish: Cinco (5), Diez (10), Veinte (20), Cincuenta (50), Cien (100) and Dos Cientos (200) Pesos. In 1912, the bank was renamed Bank of the Philippine Islands (BPI) and henceforth issued the same banknotes in English.
In 1918, the Silver Certificates were replaced by the Treasury Certificates issued with government-backing of bonds issued by the United States Government in the following denominations: One, Two, Five, Ten, Twenty, Fifty, One Hundred and Five Hundred Pesos. In 1916, the Philippine National Bank (PNB) was created to administer the state-holding shares and print banknotes without any quota from the Philippine Assembly. They printed banknotes in 1, 2, 5, 10, 20, 50 and 100 peso denomination. During World War I, the PNB issued emergency notes printed on cardboard paper in the following denominations: 10, 20, 50 centavos and 1 peso. Also overprinted BPI Notes in Five, Ten and Twenty Pesos due to the lack of currency.
The Commonwealth of the Philippines issued Treasury Certificates with the seal of the new government but still circulated the BPI and PNB banknotes.
|Value||Main Color||Description||Years of Circulation|
Japanese Government-issued Philippine Fiat Peso
Banknotes issued by the Bangko Sentral ng Pilipinas
The banknotes first issued by today's Bangko Sentral ng Pilipinas (formerly the "Central Bank of the Philippines") were the VICTORY-CBP Overprints in 1949, which were merely overprints of older American-era banknotes. The first official banknote series to be printed were the English Series in 1951.
Ang Bagong Lipunan series
New Design/BSP series
By 1983, the Committee was deciding the issuing of new banknotes to replace the Ang Bagong Lipunan Series by issuing seven new banknotes consisting of 5, 10, 20, 50, 100, 500, and 1000-peso banknotes.
On June 12, 1985, the Central Bank issued the New Design Series starting with a new 5-peso banknote with the face of Emilio Aguinaldo. The following months, a new 10-peso banknote with the face of Apolinario Mabini. In early 1986, a new 20-peso banknote appeared. After the 1986 People Power Revolution and the new 1987 Constitution was promulgated, the Central Bank issued a new 50, 100- and for the second time a new 500-peso banknote with the face of Benigno Aquino, Jr.. In 1991, the Central Bank issued for the first time a new 1000-peso banknote, containing the portraits of José Abad Santos, Josefa Llanes Escoda and Vicente Lim.
After the passage of the New Central Bank Act of 1993, the New Design Series, which was initiated in 1985, was slightly changed because of new seal of the Bangko Sentral ng Pilipinas. In 1998, the 100,000-peso Centennial banknote, measuring 8.5"x14", accredited by the Guinness Book of World Records as the world's largest legal tender note. It was issued in very limited quantity during the celebration of the Centennial of Philippine Independence. In 2001, the Bangko Sentral issued upgraded 1000, 500, and 100-peso banknotes with new hi-tech security features to combat counterfeiting. During the Estrada Administration, the practice in use since the Commonwealth, of reproducing the signature of the President of the Philippines over the legend "President of the Philippines" was abandoned in favor of explicitly stating the president's name. In 2002, the Bangko Sentral issued a new 200-peso banknote with the security features found on the upgraded 1000, 500, and 100-peso banknotes and has the face of former President Diosdado Macapagal. His daughter, Gloria Macapagal-Arroyo, is at the back of the 200-peso banknote which showed her being sworn into office at the EDSA Shrine. She is the first president whose image has been included in a banknote while in office since emergency currency was issued by various provincial currency boards during World War II.
The series was renamed the BSP Series in 1993 when the Bangko Sentral ng Pilipinas was reestablished as the central monetary authority. These banknotes continue to be legal tender but will eventually be phased out.
The New Design Series has less security features. (only the visible fibers, value panel, security thread and watermark.)
The BSP Series has added more security features such as another glossy security thread, iridescent strip, fluorescent printing, optically variable ink, and microprints.
New Generation Banknote Series
In 2009, the Bangko Sentral ng Pilipinas announced that it will launch a massive redesign for the banknotes and coins to further enhance security features and to improve durability. The members of the numismatic committee included Bangko Sentral Deputy Governor Diwa Guinigundo and Dr. Ambeth Ocampo, chairman of the National Historical Institute. Designed by Studio 5 Designs and Design Systemat, the new banknotes' designs features famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010. On December 16, 2010, the new design for Philippine banknotes were released.
|Main Colour||Design||Year of First Issue|
|₱20||160 × 66||Orange||Manuel L. Quezon, Declaration of Filipino as the national language, Malacañan Palace||Banaue Rice Terraces; Paradoxurus hermaphroditus philippinensis, Palm civet; Cordilleras weave design||2010|
|₱50||160 × 66||Red||Sergio Osmeña, First Philippine Assembly, Leyte Landing||Taal Lake in Batangas; Caranx ignobilis, maliputo (Giant trevally); Batangas embroidery design||2010|
|₱100||160 × 66||Violet||Manuel A. Roxas, Old BSP building in Intramuros, Manila, Inauguration of the Third Philippine Republic||Mayon Volcano in Albay; butanding, Rhincodon typus, whale shark; Bicol textile design||2010|
|₱200||160 × 66||Green||Diosdado P. Macapagal, EDSA People Power 2001, Aguinaldo Shrine in Kawit, Cavite, Barasoain Church in Malolos, Bulacan||2010|
|₱500||160 × 66||Yellow||Corazon C. Aquino, Benigno S. Aquino, Jr., EDSA People Power I, Benigno Aquino monument in Makati City||2010|
|₱1000||160 × 66||Blue||José Abad Santos, Vicente Lim, Josefa Llanes Escoda; Centennial celebration of Philippine independence; Philippine Medal of Honor||2010|
Several errors have been discovered on banknotes of the New Generation series and have become the subject of ridicule in social networking sites. Among these are the exclusion of Batanes from the Philippine map on the reverse of all denominations, the mislocation of the Puerto Princesa Subterranean Underground River on the reverse of the 500-peso bill and the Tubbataha Reef on the 1000-peso bill, and the incorrect coloring on the beak and feathers of the blue-naped parrot on the 500-peso bill. The scientific names of the animals featured on the reverse sides of all banknotes were incorrectly rendered as well.
According to Design Systemat, the designers of the new bills, that drafts prepared by the company of the new 500-peso bill shows a red beak of the Blue-naped parrot. This color was changed by the printers to account for practical printing concerns. The designers further explains that printing banknotes is not like printing brochures. Due to the intalgio printing and limited printing capability of banknote printers, it can only produce a limited full color reproduction.
The alleged mislocation of the Tubbataha Reef on the one thousand peso note was due to a security feature, a smaller version of the featured species on the bills' reverse (which is also featured on all banknote denominations) was located on top of the exact location of the Tubbataha Reef on the map. Giving the option of either moving the key security feature on the standard position or locating the Tubbataha marker correctly, the bills' French printers, Oberthur Technologies, decided to move the reef marker slightly south on the Philippine map.
The Central Bank of the Philippines (Bangko Sentral ng Pilipinas) issued only 300,000 pieces of this 216mmx133mm 2,000 Philippine peso centennial commemorative legal tender banknote. Another version, with the same design but measured at 160 x 66mm, was also planned to be issued as legal tender in 2001, but due to the ouster of President Joseph Estrada as the result of the Second EDSA revolution (EDSA People Power II), the notes were stored in the vaults of the Bangko Sentral ng Pilipinas. As of 2010, the bank was considering destroying the bulk of the unissued notes (known as the "New Millennium" or "Erap" notes), saving only 50,000 of the five million pieces to be demonetized for "historical, educational, numismatic, or other purposes". However it was not until 2012 that the bank began selling this numismatic product in a folder that clearly stipulates that the notes are not legal tender.
The obverse side features President Joseph Estrada taking his oath of office on June 30, 1998 in the historic Barasoain Church, the seat of the first democratic republic in Asia shown in the background as well as the scroll of the Malolos Constitution and the seal of the BSP (Bangko Sentral ng Pilipinas).
The reverse side depicts the re-enactment of the declaration of Philippine Independence at the Aguinaldo Shrine in Kawit, Cavite on June 12, 1898 by President Fidel V. Ramos and also features the Philippine Centennial Commission logo.
The security features of the note include a 3-dimensional cylinder mold-made portrait watermark of the two presidents and the years 1898–1998, iridescent band, color-shift windowed security thread, latent image and perfect see-through register.
The 100,000-peso centennial note, measuring 8.5"x14", is accredited by the Guinness Book of World Records as the world's largest legal tender note in terms of size. 1,000 pieces were issued during the celebration of the centennial of Philippine independence in 1998.
- "Security Features in Present Money". Philmoney.blogspot.com. 2004-02-27. Retrieved 2012-06-05.
- "The New Generation Currency Program of the Philippines (Bangko Sentral ng Pilipinas)". Bsp.gov.ph. 2010-03-26. Retrieved 2012-06-05.
- Cory, Ninoy together again on new 500-peso bill, Jam Sisante, GMANews.TV, December 16, 2010
- Errors found on new peso bills | ABS-CBN News
- Error-filled peso bills spark uproar - INQUIRER.net, Philippine News for Filipinos
- Philippine Money - Peso Coins and Banknotes: Error in Scientific Names on New Generation Banknotes
- The peso’s makeover from an insider’s view , Daxim Lucas, Philippine Daily Inquirer, January 1, 2011
- Philippines new 2,000-peso numismatic product confirmed BanknoteNews.com. Retrieved 2012-09-25.
- "Special Exhibits – Centennial Exhibits". Bsp.gov.ph. Retrieved 2012-06-05.