President Marcos, Jr. received from Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla the first set of banknotes bearing their names and signatures in a ceremony held in Malacañang on Thursday.
Medalla, who chairs the Monetary Board (MB) as Chairman was joined by MB Member and Finance Secretary Benjamin E. Diokno, and MB members Peter B. Favila, Antonio S. Abacan, Jr., V. Bruce J. Tolentino, Anita Linda R. Aquino, and Eli M. Remolona.
Monetary Board (MB) with President Ferdinand Marcos Jr.
The banknotes with the specimen signatures of the 17th President and the 6th Governor of the BSP include the following denominations: P20, P50, P100, P500, and P1000. In accordance with existing procedures, the banknotes will be gradually released through authorized agent banks starting December 2022, the BSP press release said.
The local currency has borne the signatures of the President of the Republic of the Philippines and the Governor of the Central Bank of the Philippines since 1949. The BSP replaced the Central Bank of the Philippines as the central monetary authority. Republic Act No. 7653 or The New Central Bank Act, as amended, mandates that Philippine banknotes bear the signatures of the Philippine President and the BSP Governor.
The newest printed banknotes will have the same design, size, dimensions, and security features as the existing New Generation Currency (NGC) and enhanced NGC banknotes. The production of 1000-Piso paper banknote continues as the 1000-Piso polymer banknote undergoes test circulation.