BSP releases new P100 bills
FOLLOWING complaints that the P100 and P1,000 bills seem to look alike, the Bangko Sentral ng Pilipinas (BSP) will release starting today 100-peso bank notes with a stronger mauve or violet color.
In a statement, the BSP explained that the currency issuance was “in response to suggestions from the public to make it easier to distinguish from the 1,000-peso bank note.”
“Compared with the current color of the 100-peso bank note in circulation, the new 100-peso bank note will have stronger mauve or violet color on the obverse and reverse sides,” it said. All other features of the P100 bill will stay the same, it added.
The BSP said it would henceforth print only the new 100-peso bank notes with stronger color, but the public could still use and businesses must continue accepting the New Generation Currency P100 bills with fainter color.
“The current 100-peso bank notes can still be used for daily transactions for payment of goods and services and will commingle with the new 100-peso bank notes with stronger mauve or violet color until supplies of the first version last,” the BSP said.
Taxi drivers like Wilson Arcilla, 31, welcomed the BSP move to make the P100 bill more distinct from the P1,000, as they were having difficulty when giving their passengers’ change, especially at night.
A cabdriver for four years now, Arcilla narrated in an interview on Sunday that one night, a customer whose fare reached P120 had told him to instead give back P300 as change for the P500 bill paid.
Arcilla thought he got lucky from the generous passenger, only to find out later when he gassed up that he seemed to have lost P1,000. “That’s when I realized that I may have given a P1,000 bill with two P100 bills as change,” he said.
The seemingly big tipper never contacted him to return the excess change.
As a result, Arcilla said he had to work overtime that night to make up for the lost money. Instead of ending his shift at 9 p.m., he had to look for more passengers until 4 a.m. the next day.
Arcilla said he hoped the 100-peso bank notes with stronger violet color would no longer make it difficult for them when giving passengers’ change.
For Arcilla, the P100 and P1,000 bills of the old bank note series, which the BSP dubbed the New Design Series, were easier to distinguish. These bills, introduced in 1985, however, will be demonetized next year.
The BSP reminded the public that bank notes belonging to the New Design Series were no longer accepted in daily transactions since the end of last year.
Those with old bank notes can still exchange their money with New Generation Currency bank notes through authorized agent-banks or the BSP’s cash department, as well as regional branches and offices until Dec. 31.
In 2017, all old bank notes will no longer be accepted in transactions or traded with the BSP and banks, as they will have no monetary value.
Next year, only the New Generation Currency bank notes series being issued since 2010 will remain legal tender in the country.
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