BSP issues P500 bill with ADB Manila 2012 logo overprint

The Bangko Sentral ng Pilipinas (BSP) has issued 10 million pieces of the P500 bill featuring an “overprint” of the logo of the 45^th Annual Meeting of the Asian Development Bank (ADB).   BSP Deputy Governor Diwa C. Guinigundo presented the overprinted version of the P500 “piso” note in his joint press briefing with Secretary Ricky Carandang Friday afternoon at the 45^th Annual Meeting of the Asian Development Bank.   The ADB’s Manila 2012 logo was printed on the blank field to the right of the image of the late Senator Benigno Aquino Jr., father and namesake of the sitting president. President Aquino delivered an address before the ADB meeting Friday morning during the opening ceremonies.   Guinigundo said the “piso” bills with the overprint are expected to  remain legal tender until 2014 by which time the bills would have reached their wear-and-tear threshold—unless kept as a collector's item. “By the time 2014 comes around medyo sira-sira na ito unless you keep it for numismatic value,” the BSP official said.   He explained that the logo of the ADB meeting dubbed “Manila 2012” was printed over the P500 piso note because the overprint could not be done on the New Generation Series lest the security features of the newest set of bills will be affected. He said the older New Design Series can still accommodate overprinting.   The BSP official said the overprint was done because the Philippines is one of the founding members of the ADB, which is headquartered in Manila.   ADB president Haruhiko Kuroda had earlier said that the ADB inaugural meeting was also hosted by the Philippines 45 years ago. — ELR, GMA News