BSP presents banknotes with PNoy’s signature

The Bangko Sentral ng Pilipinas on Thursday presented President Benigno Aquino III with the banknotes that bear his signature. BSP corporate affairs director Fe de la Cruz said the central bank has been printing the banknotes with Aquino’s signature since he assumed office last June 30. The banknotes with the President’s signature will be released on Friday. De la Cruz said it will take a while before the fresh bills circulate in commercial establishments. But those who want to get them immediately while still fresh and crisp could go to the BSP and change their old bills for new ones, she added.

The Bangko Sentral ng Pilipinas will release on Friday a new set of paper bills bearing the signature of President Benigno Aquino III. Jay Morales

At least two billion bills of all denominations will be printed every year, De la Cruz said. She pointed out that the bills signed by previous presidents are still legal tender. Next month, the BSP will be launching new banknotes with upgraded design and security features. “The security features are more difficult and will be more costly for counterfeiters to copy. The public could easily distinguish between a counterfeit or real bill," De la Cruz said. She said the new design, for example, of a P500 bill has the image of former president Corazon Aquino with her husband, former Sen. Benigno Aquino Jr. — parents of the incumbent president. “Matutuwa kayo (You will be pleased)," De la Cruz said, when asked to describe the new designs. She said old bills remain legal tender until they are phased out in three to four years. De la Cruz encouraged the public to use and circulate the coins. Using coins saves the BSP P15 million and increases the dividends given to the Treasury Bureau, she added. Some 17 billion pieces of coins valued at P17 billion are released per year, she said. De la Cruz pointed out that consumers should ask for exact change from establishments instead of accepting candy for change. — JE/VS, GMANews.TV