Koko to BSP: Explain Confusion over Similarities of P1000 and P100 Bills

Senator Aquilino “Koko” Pimentel lll, president of Partido Demokratiko Pilipino Lakas ng Bayan (PDP Laban), today said the Bangko Sentral ng Pilipinas (BSP) should explain why the P1000 and P100 banknotes are very similar and almost identical to each other.

Pimentel issued the call after receiving numerous complaints from the public about confusion arising from similarity between the P1000 and P100 banknotes, known as the New Generation Currency (NGC).

“The BSP should explain why they are too similar and state if there are plans to improve the situation,” said Pimentel, citing cases of people who claimed of confusion between the P1000 and P100 bills in circulation.

Pimentel said under the new Central Bank Act (RA No. 7653), the BSP may call in for replacement notes of any series or denomination which are more than five years old and coins which are more than ten years old.

BSP records showed that as of Dec. 31 2014, there were about 22.553 billion pieces of coins valued at P25.833 billion and 3,393 billion pieces of banknotes valued at P903.406 billion that had been issued.

The NGC bills, launched by the BSP in December 2010, will be the currency in circulation starting in January next year as the old banknotes which have not been exchanged by December 2016 would cease to be the liability of the BSP.

Pimentel said the public noted that the design of the P1000 and P100 bills are very similar or almost identical particularly when the NGC banknotes are crumpled or have undergone normal wear and tear.

But the BSP claimed that the NGC series is user-friendly and allow easy identification of each denomination because of the dominant color retained, using distinct and primary inks.

He added that the BSP has also introduced several security features such as the intaglio-printed front side of the currency to give an embossed feel and help the visually-impaired differentiate each denomination.

Big numerals corresponding to the denominational value are also printed on both sides of the NGC banknotes in addition to new and enhanced security features to protect the currency against counterfeiters.

senate.gov.ph