LEGAZPI CITY, Philippines?Mayon Volcano will soon be depicted on the back of a Philippine peso bill, according to an official of the Bangko Sentral ng Pilipinas here.

Marlyn Paje, acting deputy director of the BSP branch here, said the plan was in accordance with the provisions of the New Central Bank Act or Republic Act 7653 giving the Central Bank?s Monetary Board, with the approval of the President, the power to prescribe denominations, dimensions, designs and inscriptions and other characteristics of notes issued by the BSP.

Paje said the new currency design will have brighter colors and will feature the Philippines' national wonders, including Mayon Volcano, at the back of the bills.

She said, however, that she did not know yet which peso denomination will feature a design bearing a picture of Mayon Volcano.

The BSP will release the new designs of the Philippine monetary bills and coins by the end of 2010, Paje added.

Currently, historical buildings are featured at the back side of the bills.

Paje added that the new Philippine currency will circulate by 2013. ?From this year on, current bills and coins will still be considered as legal tender while a five-year exchange period for these is in place.?

BSP redesigns the Philippine currency every 10 years as a measure to prevent counterfeiters from mastering the country's currency notes.

?Relentless efforts to push it in the international tourism community via the new seven wonders of the world, postcards and websites further highlighted by the recent development is so welcome that every Albayano is openly elated about it,? Albay Gov. Joey Salceda told the Inquirer upon learning that the volcano?s picture would be used in a new peso bill design.

?I truly thank the Banko Sentral ng Pilipinas chief and am immensely pleased by this development,? Salceda said.

Dorothy Colle of the Albay Provincial Tourism and Cultural Affairs Office said featuring Mayon Volcano on the Philippine currency will be an opportunity to promote the province.

She added that local and foreign tourists will become more familiar with where Mayon is and it may boost the province's tourist arrivals of 235,000, a far second to Camarines Sur's roughly one million tourist arrivals in 2009.