BSP Releases Peso Bills With President Duterte’s Signature, Filipinos Excited Except for P500 Bill

The Bangko Sentral ng Pilipinas (BSP) released this Tuesday, December 20 a total of 27 million pieces of new Philippine bank notes bearing the signature of President Rodrigo Duterte. Hours later, many Filipinos started to flock in ATMs in various areas in Metro Manila and nearby provinces, and admitted being excited to see the new peso bills.

The formal announcement was made via press conference that day led by BSP Deputy Governor Diwa Guinigundo, who said that the central bank has initially already released 100 boxes each of P20, P50, P100, P500 and P1,000 bills, for public consumption. For the P200 bill, the BSP will only release 40 boxes because of its relatively lower demand.

“One box contains 50,000 bank notes, which means that for every denomination there will be five million bills that will be made available not only here in NCR but also in areas outside of NCR, which means from Luzon, Visayas and Mindanao we will start distributing these boxes of Duterte-signed NGC bank notes,” Guinigundo told reporters.

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“We have already started shipping boxes to areas outside of the NCR. But, of course, this is the initial launch so it is still limited. But in the next few days there will be subsequent shipments of the bank notes – Duterte-signed bank notes – to the regions, to the provinces,” He added, noting that these bills will already be available in banks within the day.

The release of the new peso bills is in accordance with Section 53 of Republic Act No. 7653 or The New Central Bank Act, which states that “banknotes shall bear the signatures, in facsimile, of the President of the Philippines and of the Governor of the Bangko Sentral.” Note, however that the old bills with Benigno ‘Noynoy’ Aquino’s signature can still be used.

Meanwhile, Filipinos who have already withdrawn money from the banks said they are very happy to finally see President Duterte’s signature in the new peso bills. However, some of them told Taho News that they will avoid the P500 bills, where the images of the late-president Corazon ‘Cory’ Aquino and the late-senator Benigno ‘Ninoy’ Aquino are present.

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