• Duterte banknotes likely out this year

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    The central bank said Philippine banknotes with President Rodrigo Duterte’s signature are likely to be issued this year.

    “We will be getting the [President’s] specimen signature anytime within the year,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo told reporters on Monday.

    “I am sure it [the release of the banknotes]is within the year . . . there should be banknotes that will be issued in his first year of office,” he said.

    Guinigundo estimated that about P3 billion worth of banknotes a year will contain President Duterte’s signature.

    The central bank now is still in the process of demonetizing the old New Design Series (NDS) banknotes until the last day of 2016.

    The old NDS banknotes, which consist of 5-, 10-, 20-, 50-, 100-, 200-, 500- and 1,000-peso denominations, were first issued on June 12, 1985.

    As of January 1 this year, they can no longer be used for purchases in line with a central bank demonetization program.

    The old NDS banknotes can still be exchanged at authorized financial institutions for the New Generation Currency (NGC) series but will become worthless beginning 2017.

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