The Bangko Sentral ng Pilipinas continues to enhance the security features of new generation currency (NGC) banknotes even as it pushes for digital payments.
“We are promoting digital payments as it is essential to financial inclusion. While we’re doing this, we also want to look after the broader segment of the population that uses cash,” BSP Governor Benjamin Diokno said during the virtual launch of the NGCs with enhanced security features recently.
Diokno said the enhanced security features also make the paper bills less prone to counterfeiting.
Among the added security features for the P100; P200; P500; and P1,000 notes are windowed security threads that run vertically across the notes and will show the movement of designs and color when the paper bills are viewed at different angles.
The P500 note also has a stylized Philippine flag design on the left corner of the obverse side that changes color when viewed at different angles.
The P1,000 note has an embossed 1,000 denominational value at the lower right corner of the obverse side, and the said characters will change color from green to magenta when viewed at different angles.
Tactile marks are also printed at the extreme left and right sides of the notes to help the elderly and visually-impaired identify the denomination of the notes.
Monetary authorities said the BSP-issued paper bills are printed on security paper, have embossed prints, and have tactile marks.
Watermarks, security fiber, asymmetrical serial number, and see-through marks can be easily seen and security thread, concealed numerical value, optically variable ink for the P500 and P1,000 notes; optically variable device patch for the P1,000; and enhanced value panel for the P500 and P1,000 notes can be checked if the notes are tilted.
There is no significant difference in the cost of producing the enhanced banknotes since the increase is only about one percent.
Earlier, monetary officials said the cost of producing the P20 bill alone is about P2 a piece.
Meanwhile, Diokno said a technical working group is now studying the feasibility and policy implications of issuing digital currency.
“We will first look into the findings of the group before making any decision on this regard,” he said, adding the TWG is expected to submit its report by August.
Diokno said cryptocurrency is not expected to significantly affect demand for physical currency.
“Digital currency, for us, has always been beyond the asset itself but more on the blockchain technology,” he added. – PNA release
April 25, 2024
