When a country redesigns their banknotes to update the series or enhance their security features, part of the process typically includes finding ways to inform the public of coming changes. From posters, to commercials, to online videos, central banks take on the responsibility of educating currency users of coming changes.
The Bangko Sentral ng Pilipinas (BSP) is taking their education process to the streets by launching a campaign called “NO to Fakes. KNOW The Original” where they are actively going out into communities to hold forums and information sessions to highlight the changes to their new banknotes.
The latest series of banknotes, which was introduced into circulation last winter, features a complete redesign of the P20, P50, P100, P200, P500 and P1,000 bills and features several new anti-counterfeiting devices such as embossed print, watermarked images, embedded security threads, and fibers that are illuminated under ultraviolet light, among others. Bigger denominations, such as the P500 and P1,000, also contain an optically variable device which allows certain images to change colours when the note is tilted.
The public outreach campaign is not only helpful for citizens, it may also be helpful for the Philippines in the long run according to an article published on BusinessWorld Online.
“The awareness campaign is seen contributing to government and private sector initiatives to remove the country from the United States’ blacklist of countries tolerating intellectual piracy and counterfeits,” the article said. “The Philippines remains on this year’s US Trade Representative’s lower-level watch list of countries deemed not doing enough to protect intellectual property rights.”
This is the first time in nearly 30 years that the BSP has redesigned their banknotes.
Maja Gratia L. Malic, manager of the BSP’s Cash Department, told BusinessWorld that “around 40% of the 702 million pieces of new generation bills” initially printed by the central bank are currently in circulation.
BusinessWorld Online: “BSP Launches Campaign VS Fake Peso Bills”
The Bohol Standard: “BSP Unveils New Generation Banknotes, Security Features”
Global Paper Security: “BSP Redesigns Banknotes To Keep Up With Security Technology”