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

One Philippine Peso, Revolutionary Period

During the First Philippine Republic, President Emilio Aguinaldo ordered the issuance of 1, 2, 5, 10,25, 50, 100 peso
banknotes signed by Messrs Pedro A. Patero, Telesforo Chuidan and Mariano Limjap to avoid counterfeiting.
However, only the 1 and 5 pesos banknotes have been printed and circulated to some areas by the end of the short-lived
First Republic.

Banknotes during the First Philippine Republic

Main Description Value Color Obverse Reverse Years of circulation

P1.00 White Official name Official name 1899-1901

P5.00 White Official name Official name 1899-1901

By 1903, The American Insular Government issued Silver Certificates in the denominations 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 govemment-backing of bonds
issued by the United States Govemment 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 l, 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.

Japanese Government-issued Philippine Fiat Peso

Main article: Japanese government-issued Philippine fiat peso

Banknotes issued by the Bangko Sentral ng Pilipinas

English series
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.

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 1967
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 Il.

The series was renamed the BSP Series in 1993 when the Bangko Sentral ng Pilipinas was reestablished as the central
monetary authority. These banknotes remains legal tender until 2013.
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 launched a massive redesign for current banknotes and coins
to further enhance security features and improve durability. 21 The members of the numismatic committee include Bangko
Sentral Deputy Governor Diwa Guinigundo and Dr.Ambeth Ocampo Chairman of the National Historical Institute. The new
banknote design 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 while new coins will be introduced
beginning 2012. Current banknotes will remain legal tender for at least three years.

On December 16, 2010, the new designs for Philippine banknotes were released.
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.
Higher denominations

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 Millenium" or "Erap" notes), saving only 50,000 of the five milion 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 dearly 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 features the note
include Iridescent band, color-shift windowed security thread, lent 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.