In response to growing public interest in the program of the Bangko Sentral ng Pilipinas to launch new designs for our money, we have prepared the following primer.
1. Why is the BSP changing the designs of our money?
As a matter of practice, central banks regularly change the designs of their money - whether coins or banknotes - to guard against counterfeiters. By making it very difficult and costly for counterfeiters to produce exact copies of our money, we protect the integrity of our currency against criminals.
2. How will BSP prevent the spread of counterfeit or fake money?
The BSP is upgrading the security features in all of our banknotes to make it easier for the public to detect fake money. The BSP will mount a nationwide information campaign to educate our people on how to tell genuine banknotes from counterfeits.
3. When will the new currency be distributed ?
The BSP will start distributing the initial batch of new banknotes in December 2010. New coins will be introduced starting 2012.
4. What denominations are covered by the new designs?
All of our six banknote denominations will have new designs: 20-piso, 50-piso, 100-piso, 200-piso, 500-piso, and 1,000- piso. At the same time, all of our coin denominations will have new designs: 1-sentimo, 5-sentimo, 10-sentimo, 25-sentimo, 1-piso, 5-piso, and 10-piso.
5. What will be the size of the new banknotes?
The size of the new banknotes will be the same as the present currency.
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