Banknotes of the Philippine peso are issued by the Bangko Sentral ng Pilipinas (formerly the Central Bank of the Philippines) for circulation in the Philippines. The smallest denomination of banknote currently in circulation is ₱20 and the largest is ₱1000. The front side of each banknote features prominent people along with buildings and events from the country's history, while the reverse side depicts landmarks and animals.
The dimensions of banknotes issued since the US-Philippine administration, , have remained the same on all subsequent Philippine peso banknotes (except pre-1958 centavo notes), and were introduced during William Howard Taft's tenure as governor-general of the Philippines. In view of their highly successful run, President Taft then appointed a committee that reported favorably on the advantages and savings from changing the size of United States banknotes to Philippine-size. Since 1928, the sizes of the United States Federal Reserve Notes and Philippine banknotes have therefore been nearly identical.
History
Timeline of the Philippine banknote series
On May 1, 1852, the first commercial bank of the Philippines, El Banco Español Filipino de Isabel II, initially issued the following denominations: 10, 25, 50 and 200 pesos fuertes (strong pesos). They were used until 1896.
First Philippine Republic The revolutionary republic of Emilio Aguinaldo ordered the issuance of 1, 2, 5, 10, 20, 50 and 100-peso banknotes which were signed by Messrs. Pedro A. Paterno, Telesforo Chuidan and Mariano Limjap to avoid counterfeiting. However, only the 1 and 5-peso banknotes have been printed and circulated to some areas by the end of the short-lived First Republic.
American Period
By 1903, the American colonial Insular Government had issued Silver Certificates in denominations of 2, 5 and 10 pesos, backed by silver pesos or U.S. dollars at a fixed rate of ₱2/$1. The authorization of the issuance of Philippine Silver Certificates were placed on the notes, "By Authority of an Act of the Congress of the United States of America, approved March 2, 1903." The first shipment of the currency was sent to the Philippines on September 1, 1903, and issued in October of the same year.
In 1905, higher denominations of 20, 50, 100 and 500 pesos were printed. However, amendments were made before the shipment of the notes from the United States to the Philippines to allow gold to be included as a reserve for the Silver Certificates. As the Series of 1905 was printed, but not yet shipped, they were sent to the United States Government Printing Office, and overprinted vertically with, "Subject to the provisions of the Act of Congress, approved June 23, 1906."
In 1908, the El Banco Español Filipino was allowed to print banknotes in the following denominations with text in Spanish: Cinco (5), Diez (10), Veinte (20), Cincuenta (50), Cien (100) and Dos Cientos (200) Pesos. In 1912, the bank was renamed Bank of the Philippine Islands (BPI) and henceforth issued the same banknotes in English.
In 1918, the Silver Certificates were replaced by the Treasury Certificates issued with government-backing of bonds issued by the United States Government in 1, 2, 5, 10, 20, 50, 100 and 500 pesos. In 1916, the Philippine National Bank (PNB) was created to administer the state-holding shares and print banknotes without any quota from the Philippine Assembly. They printed banknotes in denominations of 1, 2, 5, 10, 20, 50 and 100 pesos. During World War I, the PNB issued emergency notes printed on cardboard paper in the following denominations: 10, 20, 50 centavos and 1 peso. Also overprinted were BPI notes in 5, 10 and 20 pesos due to the lack of currency.
The Commonwealth of the Philippines issued Treasury Certificates with the seal of the new government but still circulated the BPI and PNB banknotes.
Japanese government-issued Philippine peso
1942 series Image Value Issue date Series1 centavo1942First5 centavos10 centavos50 centavos1 peso5 pesos10 pesos
1943–1945 series Image Value Issue date Series1 peso1943Second5 pesos10 pesos100 pesos1944500 pesos1,000 pesos1945
Banknotes conceptualized and issued by the Bangko Sentral ng Pilipinas
Summary of the Philippine banknote series
+Summary of the Philippine banknote series Series/Value ₱1 ₱2 ₱5 ₱10 ₱20 ₱50 ₱100 ₱200 ₱500 ₱1000 English Series not introduced until 1991 Pilipino Series — withdrawn from production in 1959, and reintroduced in 2002 withdrawn from production in 1959, and scheduled to be reintroduced in 1985 but delayed two years later in 1987 Ang Bagong Lipunan Series ended production and replaced as coin since 1972 New Design/BSP Series ended production and replaced as coin from 1983 to 1994 New Generation Currency Series ended production and replaced as coin since 1995 ended production and replaced as coin since 2001 Enhanced New Generation Currency Series ended production and replaced as coin since 2023 with:—1 pair of short lines with:—2 pairs of short lines—violet modified WST with:—3 pairs of short lines—green modified WST with:—4 pairs of short lines—gold modified WST—gold OVM ink—gold optically variable ink with:—5 pairs of short lines—blue 5mm DST—green OVM ink—green modified OVI First Philippine Polymer Series ended production since 2020
Notes
windowed security thread with indigenous weave design pattern WST - windowed security thread OVM - optically variable magnetic replacing optically variable device (OVD) patch DST - dynamic security thread shifts from green to magenta (in 2010 OVI, it was shifts from green to blue) the denomination was scheduled to be reintroduced in 1985 with the original 1985–1986 Marcos Sr. version which already printed 2 million banknotes but it did not went into circulation due to EDSA 1, delaying the denomination's release to 1987 in order for it to be replaced by the second (Aquino Jr.) version that finally circulated to the public from 1987 to 2018 originally introduced in 1975. However, for the 5-piso banknote, it had its (together with the 10-piso banknote that stopped printing in 2001) spiritual successor as the 200-piso from 2002 to 2020 due to its green color, and Aguinaldo Shrine and Barasoain Church (from 2010 to 2020) were featured it was intended as the "direct" replacement in 2002 for the unissued 2000-piso "New Millennium" banknote (smaller version of the 1998 Centennial) that was scheduled to be circulated for general circulation in 2001 but halted as the result of EDSA 2, and also the spiritual successor to the 5-piso and later with the Barasaoin Church from the 10-piso banknote from 2010 to 2020
"VICTORY-CBP" banknotes The banknotes first issued by the Bangko Sentral ng Pilipinas (formerly the "Central Bank of the Philippines") were the VICTORY-CBP overprints in 1949, which were merely overprints of older American-era banknotes. The first official banknote series to be printed were the English Series in 1951. "VICTORY-CBP" banknotes Image Value Dimensions Main Color Description Date Obverse Reverse Obverse Reverse First issue Withdrawal 1 pesoMaroonApolinario Mabini "VICTORY", "CENTRAL BANK OF THE PHILIPPINES", value before 1949 2 pesosBlueJosé Rizal 5 pesosYellowWilliam McKinley and George Dewey 10 pesosBrownGeorge Washington 20 pesosOrangeMayon volcano 50 pesosPinkHenry Ware Lawton 100 pesos#eedba3Ferdinand Magellan 500 pesosVioletMiguel López de Legazpi
English Series (1949–1971) The English Series were Philippine banknotes that circulated from 1949 to 1969. It was the only banknote series of the Philippine peso to use English.
English Series Image Value Dimensions Main Color Description Date Obverse Reverse Obverse Reverse First issue Withdrawal Small denomination notes 5 centavos Red Bank title, bank seal, value, serial number "PHILIPPINES", value April 15, 1951 June 30, 1958 10 centavos Maroon 20 centavos Green 50 centavos Blue peso Green Mt. Mayon and three men riding on a carabao-drawn cart July 1, 1958 February 28, 1969 Large denomination notes ₱1 Gray Apolinario Mabini Barasoain Church April 15, 1951 March 31, 1971 ₱2 Blue José Rizal Landing of Magellan in the Philippines ₱5 Yellow Marcelo H. del Pilar and Graciano Lopez Jaena La Solidaridad ₱10 Brown Fathers Mariano Gomez, Jose Burgos and Jacinto Zamora Urdaneta and Legazpi Monument ₱20 Orange Andres Bonifacio and Emilio Jacinto Cartilla of the Katipunan and the Balintawak Monument ₱50 Red Antonio Luna Blood compact between Sikatuna and Legaspi ₱100 Yellow Tandang Sora Regimental flags and the veterans ₱200 Green Manuel L. Quezon Legislative Building December 31, 1959 ₱500 Violet Manuel Roxas Former Central Bank Building
Pilipino Series (1969–1974) The Pilipino Series banknotes is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1969 to 1977, during the term of President Ferdinand Marcos Sr. This series represented a radical change from the English series by undergoing Filipinization and a design change. It was succeeded by the Ang Bagong Lipunan Series of banknotes, to which it shared a similar design. The lowest denomination of the series is 1-piso and the highest is 100-piso.
Pilipino Series Image Value Dimensions Main Color Description DateObverse Reverse Obverse ReverseFirst issue Withdrawal ₱1 Blue José Rizal Declaration of Philippine IndependenceMay 5, 1969March 1, 1974 ₱5 Green Andres Bonifacio Blood Compact of the Katipuneros ₱10 Brown Apolinario Mabini Barasoain Church ₱20 Orange Manuel L. Quezon Malacañang Palace ₱50 Red Sergio Osmeña Legislative Building ₱100 Violet Manuel Roxas Former Bangko Sentral ng Pilipinas Building
Ang Bagong Lipunan Series (1973–1996) The Ang Bagong Lipunan Series (literally, ”The New Society Series") is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design Series of banknotes. The lowest denomination of the series is 2-piso and the highest is 100-piso.
After the declaration of Proclamation № 1081 by President Ferdinand Marcos Sr. on September 23, 1972, the Central Bank was to demonetize the English Series banknotes in 1974, pursuant to Presidential Decree No. 168, later amended by Presidential Decree 378. All the unissued Pilipino Series banknotes (except the one peso banknote) were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and oval geometric safety design. The one peso bill was replaced with the two peso bill, which features the same elements of the demonetized Pilipino series one peso bill.
On September 7, 1978, the Security Printing Plant in Quezon City was inaugurated to produce the banknotes.
The banknotes were still legal tender even after the introduction of the New Design Series banknotes, however they were seldom used after the People Power Revolution. The banknotes were eventually demonetized on February 2, 1993 (but could still be exchanged with legal tender currency to the Central Bank until February 1, 1996)FM era notes, Demonetization ordered, By Ramon Tomeldan, Manila Standard, January 30, 1992 after clamors that the banknotes could be used to buy votes for the 1992 Presidential Elections.Solons want 'Mickey' Marcos money scrapped, by Gerry Jacinto, Manila Standard, January 14, 1992
Ang Bagong Lipunan (New Society) Series Image Value Dimensions Main Color Description Date Obverse Reverse Obverse Reverse First issue Withdrawal ₱2 Blue José Rizal Declaration of Philippine Independence March 17, 1973 February 2, 1996 ₱5 Green Andres Bonifacio Blood Compact of the Katipuneros ₱10 Brown Apolinario Mabini Barasoain Church ₱20 Orange Manuel L. Quezon Malacañang Palace ₱50 Red Sergio Osmeña Legislative Building ₱100 Violet Manuel Roxas BSP Complex
New Design/BSP Series (1983–2019, printed from 1985 to 2013)