Duterte urges Filipinos to welcome new coins, banknotes

The Bangko Sentral ng Pilipinas (BSP) presented to President Rodrigo Duterte a complete set of New Generation Currency banknotes and coins on May 9 at Malacañang Palace. BSP’s presentation of new coins and banknotes was led by BSP Governor Nestor Espenilla.

The new banknotes are now fully circulated, while the new coins are being circulated with old coins still accepted.

“The new generation currency banknote and coin series highlight our nation‟s most significant events, sites and people,” President Duterte said.

The new banknote design features famous Filipinos and iconic natural wonders, while the new coins features endemic flora, the three stars and a sun (in 25, 5, and 1 centavos), Apolinario Mabini in the 10-Piso, Andres Bonifacio in the 5-Piso, and Jose Rizal in the 1-Piso.

“There is a need to change the design of banknotes and coins because the law requires us to do so. This is to enhance its security features as well as to prevent forging and improve durability. Initiatives like this are meant to promote public trust and confidence in our financial system,” President Duterte said.

The President also urged the Filipino people to welcome the new notes and coins.

“I ask the public to join us in welcoming the new generation currency banknote and coin series. Let us use them wisely and responsibly for our personal and our country;s advancement,” Duterte said.

“Rest assured that the government will continue to implement initiatives such as this to give a better life for every Filipino,” he added.