113) Banknotes of the Philippines Peso:

113) Banknotes of the Philippines Peso:

Historical development of Currency Notes in Philippines:

On 01.05.1852, the first commercial bank in Philippines the “El Banco Espanol Filipino de Isabel 2A” circulated Banknotes in the denominations of 10, 25, 50 and 200 pesos Fuertes (meaning “strong pesos”) which were withdrawn in 1896.

In 1899, Banknotes of the “First Philippines Republic” were contemplated in the denominations of 1, 2, 5, 10, 25, 50 and 100 Pesos. However, only two denominations viz. 1 and 5 pesos were issued and circulated till 1901.

In 1903, the American Insular Government issued Silver Certificates in the denominations of 1, 2, 5, 10, 50, 100 and 500 pesos backed by silver coin or gold at a fixed rate of 2:1.

In 1908, the “El Banco Espanol Filipino” was authorised to print Banknotes in the denominations of 5 (“Cinco”), 10 (“Diez”), 20 (“Veinte”), 50 (“Cincuenta”), 100 (“Cien”), and 200 (“Dos Cientos”) with the text printed in Spanish.

In 1912, El Banco Espanol Filipino was renamed as the “Bank of the Philippine Islands” (BPI) and further Banknote issues were in English.

In 1916, the “Phillipine National Bank” (PNB) was created for managing Banknote issues. Under Government authorisation, the PNB issued Banknotes in the denominations of 1, 2, 5, 10, 20, 50 and 100 pesos. Interestingly, during World War I, the Bank issued emergency Banknotes on Cardboard paper.

In 1918, the Silver Certificates of the American Insular Government were replaced by Treasury Certificates issued by the US Government in the denominations of 1, 2, 5, 10, 20, 50, 100 and 500 Pesos.

In 1942, the Japanese Government of Philippines occupied territories issued the First Series of “Fiat currency” in the denominations of 1, 5, 10 and 50 centavos and 1, 5 and 10 pesos and outlawed the “guerrilla currency”, hitherto in circulation. The Fiat pesos were nicknamed “Mickey Mouse Money” by the unwilling users.

From  1943 to 1945 (end of World War II) , a Second Series of Fiat currency was issued in peso denominations only owing to hyper-inflation viz, 1, 5, 10, 100, 500 and 1000 pesos.

In 1949, the first issues of “Bangko Sentral ng Philipinas” (earlier the “Central Bank of the Philippines”–CBP) were the VICTORY-CBP overprints which were printed over old American period Banknotes.

In 1951, the first official Banknote Series called the “English Series” was issued. These Banknotes were withdrawn in 1960s and 1970s with the last few denominations in circulation being finally withdrawn in 1974. This was the only Banknote Series of the Phillipine Peso to be issued in English only. These Banknotes were issued in the denominations of 5, 10, 20 and 50 centavos and ½, 1, 2, 5, 10, 20, 50, 100, 200 and 500 Pesos.

In 1967, the “Philipino Series” was introduced which was the first Series of Banknotes which underwent “Filipinisation” and also, went through a design change. This Series depicted prominent Filipinos on the Front and important/historical events, places etc on the Back. This Series included Banknotes in the denominations of 1, 5, 10, 20, 50 and 100 Pesos. This Series along with the earlier English Series was completely withdrawn in 1974, through a Presidential decree and all the Banknotes were henceforth to bear the words “ANG BAGONG LIPUNAN” (meaning “New Society”) in the watermark area together with an oval geometric safety design.

From 1973 to 1985, the Ang Bagong Lipunan Series (meaning “New Society) was circulated. These Banknotes were issued in the denominations of 2, 5, 10, 20, 50 and 100 Pesos.

On 07.09.1978, the Security Printing Plant in Quezon City was set up to print these Banknotes.

These Banknotes were demonetised on 02.02.1993.

The New Design Series (1985 – 1993):

This Series was issued after the enactment of the New Central Bank Act of 1993.

The Front of the 5 Peso Banknote showed a portrait of Emilio Aguinaldo (He was a Filipino general who played an instrumental role during the Philippine’s Revolution against Spain and the subsequent Philippine-American War or War of Philippine Independence that resisted American occupation. He held the positions of President of the Revolutionary Government, President of the Republic of “Biak-na-Bato”, President of the Supreme Government and the first President of the First Republic of Philippines from 23.01.1899 to 01.04.1901). The colour of this Banknote was predominantly green. This Banknote was issued into circulation on 12.06.1985.

The Back of the 5 Peso Banknote depicted the Philippine Declaration of Independence by Emilio Aguinaldo on 12.06.1898.

This denomination is now being issued as 5 Peso coins since 1993 although the circulating 5 Peso Banknotes are still legal tender.

 The Front of the 10 Peso Banknote showed on the left Apolinario Mabini (first Prime Minister and Secretary of Foreign Affairs – from 21.01.1899 to 07.05.1899). He is also, referred to as “the sublime Paralytic” as he was physically handicapped/challenged person) and on the right the Banknote had a portrait of Andres Bonifacio (the founder of the “Katipunam” – KKK – which was a secret society to fight the Spanish Colonial Government). On the right of this face of the Banknote are the “Kartilya ng Katipunam” – a flag of the Katipunam and a letter written by Mabini. The colour of this Banknote was predominantly brown. This Banknote was issued into circulation in late 1985.

The Back of this Banknote showed the Barasoain Church in Malolos, Bulacan, where the first Philippine Congress was held and where the “Malolos Constitution” was drafted. (Barasoain Church, situated in Malalos City, Bulacan, about 40 km. from Manila is also known as “Our Lady of Mt. Carmel Parish and is a Roman Catholic Church built in 1630. The Church was, inter alia, the scene of 3 important events in Philippine history – the “First Philippine Congress” (15.09.1898), the drafting of the Malolos Constitution (29.09.1898-21.01.1899) and the inauguration of the “First Philippine Republic” (23.01.1899).

This denomination is now being issued as bi-metallic 10 Peso coins since 1997 although the circulating 10 Peso Banknotes are still legal tender.

The Front of the 20 Peso Banknote showed an image of Manuel L. Quezon (first President of the Commonwealth of the Philippines). On the right side of this Banknote are the Coat-of-Arms of the Commonwealth and two notable achievements of Quezon – one, the “Wikang Pambansa” which is “Tagalog” for the National language and two, the “Saligang Batas 1935” or the “1935 Constitution of the Philippines”.

In the centre is the logo of the Bangko Sentral Ng Philipinas and on the right is the emblem of the Commomwealth of Philippines. In the centre bottom is mentioned “Dalawampung Piso” meaning “20 Pesos”. 

(“Tagalog” language is an Austronesian language spoken as the first language by a quarter of Philippine’s population and as a second language by the rest. The word “Tagalog” means “native of a river” or “river dweller”. This language has its origins in Sanskrit, Javanese and Malay. Its standardised form “Filipino” is the National language of the Philippines.) The colour of this Banknote was predominantly orange. This Banknote was released into circulation in 1986.

The Back of the 20 Peso Banknote showed the Malacanan Palace (also known as “Palaso ng Malakanyang”), the residence of the President of the Philippines on the banks of the “Pasig River”.

The Front of the 50 Peso Banknote showed Sergio Osmena (the second President of the “Commonwealth of the Philippines”). This Banknote was predominantly red. This Banknote was released into circulation in 1987. 

Towards the centre of the Banknote is the emblem of the Bangko Sentral Ng Philipinas and on top is mentioned “Republika Ng Philipinas (Republic of Philippines). The denomination of the Banknote is mentioned towards the bottom, as “Lamampung Piso” meaning “50 Pesos”.

The Back of the 50 Peso Banknote showed the former Legislative Building which was renamed the Executive House since the Martial Law period. This building is now converted into the National Art Gallery of the National Museum of the Philippines.

The Front of the 100 Peso Banknote showed Manuel A. Roxas, (first President of the Independent Philippine Republic). On the right side of this Banknote is depicted the raising of the Philippines Flag and lowering of the American Flag on 04.07.1946. The colour of this Banknote is predominantly violet. This Banknote was released into circulation in 1987.

Towards the right is the emblem of the Bangko Sentral Ng Philipinas and the denomination of the Banknote is mentioned towards the bottom, as “Sandaang Piso” meaning “100 Pesos”.

The Back of the 100 Peso Banknote showed the Bangko Sentral building at its Manila location.

The Front of the 200 Peso Banknote had a portrait of Diosdado Macapagal (He was the sixth vice-President from 1957-1961 and then, ninth President of the Philippines from 1961-1965). The Banknote also featured the Aguinaldo Shrine in Kawit, Cavite (This shrine is famous because, this was where the Independence of the Philippines from Spain was declared on 12.06.1898. To commemorate the Independence Day or “Araw ng Kalayaan” the event is still celebrated by raising the Philippine flag on 12^th June every year. The Shrine now has been converted into a Museum).  The colour of this Banknote was predominantly green. This Banknote was released into circulation in 1987.

The Back of the 200 Peso Banknote showed a scene from EDSA Shrine, with Gloria Macapagal-Arroyo being sworn in as the President in January 2001.(The EDSA shrine serves as a memorial to the People Power Revolution. Various works of Art symbolise the spirit of Freedom and peace at the Shrine’s promenade area.  At one end is the “flame of Freedom”, which is a sculpture of three men bearing a cauldron with a  flame over their shoulders, representing Philippine’s three major islands – Luzon, Visayas and Mindanao).

This Banknote was released in 2002 to commemorate Philippines Independence.

The Front of the 500 Peso Banknote showed Benigno Aquino, Jr (a Filipino senator and former Governor of Tarlac. He opposed the Government of President Ferdinand Marcos who imposed Martial Law, but permitted Aquino to travel to the USA for medical treatment. 

He was assassinated upon his return at the Manila International Airport, which resulted in his widow Corazon Aquino coming into prominence and to contest the 1986 Presidential elections). 

On the right of this Banknote are two popular quotes by Aquino: “Faith in our people and faith in God” and “The Filipino is worth dying for” mentioned with his nickname “Ninoy”. There was also a dove signifying peace and a Philippines flag on this face.

The colour of this Banknote was predominantly yellow. This Banknote was released into circulation in 1987.

Also shown on the Banknote is the emblem of the Bangko Sentral Ng Philipinas and the denomination of the Banknote is mentioned towards the bottom, as “Limanaang Piso” meaning “500 Pesos”.

The Back of the 500 Peso Banknote showed a collage of various aspects of Aquino’s life.

The Front of the 1000 Peso Banknote showed portraits of Jose Abad Santos (Chief Justice), Josefa LLanes Escoda (civic worker and one of the founders of Girl Scouts of Philippines) and Vincente Lim (general in the Philippine Army). They were all heroes of the Resistance against the Japanese occupation of the Philippines. Also on this face are seen the eternal flame (signifying the indomitable spirit of freedom), laurel leaves (signifying victory over aggressors/enemies and peace) and the Bank seal. This Banknote was predominantly blue. This Banknote was released into circulation in 1991.

Also shown on the Banknote is the emblem of the Bangko Sentral Ng Philipinas and the denomination of the Banknote is mentioned towards the bottom, as “Sanlibong Piso” meaning “1000 Pesos”.

The Back of the 1000 Peso Banknote depicts the Banaue Rice Terraces, Manunggul Jar cover and Langgal. 

( The “Banaue Rice Terraces” or “Hagdan-hagdang Palayan ng Banawe” are over 2000 year old terraces carved into the mountains of Ifugao Province, in the Philippines, which are irrigated by an ancient irrigation system from rainforests above the terraces and were laid out by the ancestors of the indigenous natives. The Rice Terraces are referred to be Filipinos as the “Eighth Wonder of the World”.

The “Manunggul Jar” or “Nasser Montemayor” is a burial jar excavated from a Neolithic burial site in the Manunggul cave of Lipuun Point, Quezon, Palawan dating back to 890-710 B.C. Two figures on the top of the Jar’s handle represent the soul’s journey to the After-Life. The Jar is a fine piece of Artwork and treated as a National Treasure and is placed in the Museum of the Filipino people).

The Banknotes of the New Design Series have less security features than the later BSP Series. They only have visible red and blue fibres, value panel, security thread and watermark.

The “Bangko Sentral ng Philipinas” or the “BSP Series” (1993 – 2010:

The BSP Series was issued in 1993 when “Banko Sentral ng Philipinas” was re-established as the Central Monetary Authority. It was previously called the “Central Bank of Philippines”. 

Until 2012, the existing Banknotes were still in print which will be withdrawn from circulation in 2013-14.

In 1998, the 100000 Peso Centennial Banknote was issued measuring 8.5”x14.0” which was acclaimed by the Guinness Book of World Records as the World’s largest legal tender. This Banknote was issued in a limited quantity during the celebration of the Centennial of Philippine Independence. Only 1000 pieces of this Banknote were issued.

In 2001, the “Bangko Sentral ng Philipinas” issued upgraded 1000, 500 and 100 Peso Banknotes with new hi-tech security features to combat counterfeiting and the 200 Peso Banknote was added to this list in 2002.

The BSP Series had improved upon the Security Features of the earlier Series by adding another glossy security thread, iridescent strip, fluorescent printing, optically variable ink and microprints.

The “new generation” Banknotes Series (December 2010 onwards):

The new generation Banknotes introduced by the Bangko Sentral ng Philipinas on 16.12.2010 were designed by Studio 5 Designs and Design Systemat. These Banknotes depict famous Filipinos on one face and iconic natural wonders of Philippines on the other face. 

On the Front, the 20 Peso Banknote (the smallest denomination Banknote), shows Manuel L. Quezon, Declaration of Filipino as the National language and the Malacanan Palace. The colour of this Banknote is orange and the size is 160mm x 66 mm.

On the right to centre is the emblem of the Bangko Sentral Ng Philipines logo of the Bangko Sentral Ng Philipinas. In the centre is the emblem or Coat of Arms of Philippines. On the bottom is mentioned “Dalawampung Piso” meaning “20 Pesos”.

On the Back, the 20 Peso Banknote shows Banaue Rice Terraces, Paradoxurus hermaphroditus philippinensis, Palm Civet and Cordilleras weave designs. 

(The Palm Civet is also called a “toddy cat” and is widely found across South and South-East Asia. Their habitat includes evergreen and deciduous forests, plantations and around human settlements. They have a grayish or rusty body, brown or black spots and stripes, a dark mask and a long tail. The head and body are 42 to 71 cm long with a tail of 33 to 66 cm and it has a weight of 2 to 5 kg).

(Cordilleras weave designs: The Cordillera people of Northern Philippines have a tradition of hand-weaving the rich tapestry of their culture and heritage into tight weave designs. Each community group has their respective designs, colours and symbolism seen in their dresses, blankets and tapestry produced on backstrap looms. The designs on the weaves play an important part in their religion and rituals).

On the Front, the 50 Peso Banknote shows Sergio Osmena, the First Philippine Assembly and the Leyte Landing.(The Leyte landing was the amphibious invasion of the Gulf of Leyte in the Philippines by USA and Australia (2,00,000 troops) and Filipinos guerrilla forces (3200 trained guerrillas) to liberate the entire Philippines Archipelago to end almost 3 years of Japanese occupation. The Japanese forces (numbering about 55,000) were almost completely decimated in the three month long campaign lasting from October to December 1944).  The colour of this Banknote is red and its size is 160mm x 66mm.

On the right to centre is the emblem of the Bangko Sentral Ng Philipines logo of the Bangko Sentral Ng Philipinas. In the centre is the emblem or Coat of Arms of Philippines. On the bottom is mentioned “Limampung Piso” meaning “50 Pesos”.

On the Back, the 50 Peso Banknote shows the Taal Lake in Batangas, Caranx Ignobilis, maliputo (Giant trevally and Batangas embroidery design. 

(Taal Lake is a freshwater lake in the province of Batangas on the island of Luzon in the Philippines. The Lake fills the Taal Caldera which is a large volcanic caldera formed by enormous volcanic eruptions between 1,00,000 to 5,00,000 years ago. It is the third largest lake after Laguna de Bay and Lake Lanao. Volcano Island, which is the location of Taal Volcano’s historical eruptions and responsible for the lake’s sulphuric content, lies near the centre of the lake. Volcano Island also has a crater lake which is the World’s largest lake on an island. The Banknote image, also, shows a satellite image of Taal Lake with the Volcano Island within it).

(The Giant Trevally is a species of large marine fish. It is widely distributed in the tropical waters of the Indo-Pacific region, stretching from South Africa in the West to Hawaii in the East, Japan in the North and Australia in the South. The Giant Trevally inhabits a wide range of marine environments, from estuaries, shallow bays and lagoons etc. The giant Trevally is an important species for commercial fisheries and a popular game-fish).

On the Front, the 100 Peso Banknote shows Manuel A. Roxas, old BSP Building in Intramuros, Manila and Inauguration of the Third Philippine Republic. The colour of this Banknote is violet and its size is 160mm x 66mm.

On the right to centre is the emblem of the Bangko Sentral Ng Philipines logo of the Bangko Sentral Ng Philipinas. In the centre is the emblem or Coat of Arms of Philippines. On the bottom is mentioned “Sandaang Piso” meaning “100 Pesos”. 

On the Back, the 100 Peso Banknote shows the Mayon Volcano in Albay, “butanding”, “Rhincodon typus”, whale shark and Bicol textile design.

(Mayon Volcano is also known as Mount Mayon is an active volcano in the province of Albay on the island of Luzon in the Philippines. The mountain was first declared as a National Park and protected landscape on 20.07.1938 and renamed as Mayon Volcano Natural Park. It is also called the “Bulkang Mayon” – after the legendary heroine – “Daragang Magayon” or beautiful lady).

(The Whale Shark is a slow moving filter feeding shark and the largest known extant fish species. The average individual can measure a length of 12.65 metres or 41.5 feet and weigh more than 21.5 metric tons or 47,000 pounds. It is the largest living non-mammalian vertebrae. It is found in tropical and warm oceans and can live up to 70 years).

(Bicol Textile design: The term “Bicol” is derived from “Bico”, the name of a river or from the “bikul” or “bikal bamboo tree”. Traditional Arts including jewellery making, carving and weaving have continued for several centuries. Apart from other forms, the art of Abaca weaving has long flourished in this Area. The traditional cloth is hand-woven made of Abaca fibers which traditionally has 3 primary colours – red , black and the original colour of the Abaca leaves).

On the Front, the 200 Peso Banknote shows Diosdada P. Macapagal, EDSA People Power 2001, Aguinaldo Shrine in Kawit, Cavite, Barasoain Church in Malolos, Bulacan. The colour of this Banknote is Green.The size of this Banknote is 160mm x66 mm. 

On the Back, the 200 Peso Banknote shows Chocolate Hills in Bohol, Tarsius syrichta, Philippine tarsier and Visayas weave design.

(Chocolate Hills is a formation of more than 1750 hills spread over 50 sq. kms., in Bohol Province of Philippines. These hills are covered in green grass which turns brown like chocolate during the dry season which gives the hills their name. The Hills are a popular tourist attraction and have been declared the country’s third National Geological Monument).

(The Philippine Tarsier or “mawmag” or “mamag” is found in the southeastern part of the Philippine archipelago, particularly in the islands of Bohol, Samar, Leyte and Mindanao. It derives its name from its elongated “tarsus” or ankle bone. Measuring about 85 to 160 mm in height it is one of the smallest primates).

On the Front, the 500 Peso Banknote shows Corazon C.Aquino (11^th President of the Philippines, and the first woman President in Asia. She is regarded as the “Mother of Philippine democracy”) Benigno S. Aquino, Jr., EDSA People Power I, and Benigno Aquino monument in Makati City. The colour of this Banknote is yellow and its size is 160mm x 66 mm.

On the right to centre is the emblem of the Bangko Sentral Ng Philipines logo of the Bangko Sentral Ng Philipinas. In the centre is the emblem or Coat of Arms of Philippines. On the bottom is mentioned “Limandaang Piso” meaning “500 Pesos”. 

On the Back, the 500 Peso Banknote shows a Subterranean Underground river in Puerto Princesa, Palawan, Tanygnathus lucionensis, blue-naped parrot and a Southern Philippines cloth design.

(The Blue-naped parrot is also known as the Blue-crowned Green Parrot, Luzon Parrot or the “Pikoy”. It is found throughout the Philippines including the Talaud Islands and islands off north and east Borneo. It lives mostly in secondary forest, forest edge and plantations. It is about 31 cm., primarily green except for a light blue rear crown and nape, pale blue lower back and rump, scalloped shoulders with orange-brown on black coverts and blackish under-wings with green under-wing coverts).

On the Front, the 1000 Peso Banknote shows images of Jose Abad Santos, Vicente Lim, Josefa Llanes Escoda and the centennial celebration of Philippine Independence in 1998. There is also an image of the Philippine Medal of Honour. The colour of this Banknote is blue. The size of this Banknote is 160 mm x 66 mm.

On the right to centre is the emblem of the Bangko Sentral Ng Philipines logo of the Bangko Sentral Ng Philipinas. In the centre is the emblem or Coat of Arms of Philippines. On the bottom is mentioned “Sanlibong Piso” meaning “1000 Pesos”. 

On the Back the 1000 Peso Banknote shows the Tubbataha Reefs Natural Park in Sulu Sea. There is also the Pinctada maxima, the South Sea Pearl and a Mindanao design for T’nalak (ikat-dyed abaca).

(The Tubbataha Reef or “Bahurang Tubbataha” is an atoll coral reef and a Natural Marine Park in the Sulu Sea comprising two huge Atolls – North Atoll and South Atoll. The Reef also has a smaller reef called the Jessie Beazley Reef. The Park has been declared a Maritime Protected area (MPA). In 1993, UNESCO declared the Tubbataha Reefs National Park a World Heritage Site. The Park has over 600 fish species, 360 coral species, 11 shark species, 13 dolphin and whale species and 100 bird species as well as Green Sea turtles.

(The South Sea Pearl is a species of pearl oyster, a marine bivalve mollusc in the in the family Pteriidae, the pearl oysters. They come in two varieties – the white lipped oyster and the gold lipped oyster. These bivalves are the largest pearl oysters in the world and having a very strong inner shell layer composed of nacre known as the “mother of pearl”. They are popular in the cultured pearl industry and used to produce South Sea pearls. Pinctada maxima are found in Australia, Fiji, Tahiti, Indonesia and the Philippines).

(The T’nalak is a traditional cloth found in Mindanao island made by the T’boli people in Lake Sebu, South Cotabato. The traditional cloth is hand-woven made of Abaca fibers which traditionally has 3 primary colours – red , black and the original colour of the Abaca leaves).

(These Currency Notes are from the collection of Jayant Biswas. Scanning of Banknotes done and Article researched and written by Rajeev Prasad)