Phase-in of new peso bills going on smoothly–BSP

MONETARY officials are confident the transition to the new paper currency would be completed by next year as more and more people get used to the new designs.

The Next Generation Currency (NGC) paper bills which have been in circulation since 2010 will no longer be in use next year.

Bangko Sentral ng Pilipinas (BSP) officials are also working on new designs for coins, which would be submitted for approval in the coming months and introduced to the public by 2018.

BSP Deputy Governor Diwa C. Guinigundo said the new designs for coins would be submitted for President Aquino’s approval soon.

The recommendations by the BSP’s numismatic committee, which is in charge of designing the money, have been sent to the policymaking Monetary Board and are being finalized, Guinigundo said. Once approved by the Board, the recommendations would be sent to Malacañang. Paolo G. Montecillo