Week 4

Question 1

What is the official currency of the Philippines?

Answer 1

The Philippine Peso, represented by ISO code PHP.

Question 2

What is the Filipino term for Peso?

Answer 2

PISO

Question 3

Which institution is responsible for printing and minting the Philippine currency?

Answer 3

Bangko Sentral ng Pilipinas (BSP)

Question 4

When did the word “piso” start appearing on Philippine currency?

Answer 4

1967

Question 5

When was currency first issued in the Philippines?

Answer 5

In 1898, during the Philippine Revolution.

Question 6

What happened to the Philippine currency in 1901?

Answer 6

The US took possession of the Philippines and introduced currency based on the gold standard.

Question 7

What was the fixed exchange rate of the peso to the USD before independence?

Answer 7

2 pesos per 1 USD.

Question 8

When did the Central Bank of the Philippines begin operations?

Answer 8

1949.

Question 9

What was the common black market exchange rate for pesos in the 1950s?

Answer 9

Around 3 pesos to 1 USD.

Question 10

When were the first banknotes using the Filipino language released?

Answer 10

1969.

Question 11

What was the “Ang Bagong Lipunan (ABL)” Series?

Answer 11

A series of banknotes released in 1973 with denominations from 2 to 100 pesos.

Question 12

When was the New Design Series introduced?

Answer 12

1985–1993.

Question 13

When were the first 500, 1,000, and 200 peso notes released?

Answer 13

500 pesos in 1987, 1,000 pesos in 1991, and 200 pesos in 2002.

Question 14

What replaced the New Design Series?

Answer 14

The New Generation Currency Series, launched in December 2010.

Question 15

When were the New Generation Currency notes first issued?

Answer 15

December 2010.

Question 16

When were old banknotes demonetized?

Answer 16

Initially by January 1, 2017, but extended to December 29, 2017.

Question 17

What change was made to the 100-peso note in 2016?

Answer 17

A new version with a deeper purple hue.

Question 18

When did the BSP announce the conversion of the 20-peso note to a coin?

Answer 18

December 11, 2019.

Question 19

What is the purpose of redesigning coins with bumps?

Answer 19

To help differentiate them more easily by touch.

Question 20

What features were added to enhance the latest Philippine coins and notes?

Answer 20

Features for the elderly and visually impaired, and advanced anti-counterfeiting technology.

Question 21

What is the main theme of the Philippine Polymer Banknote Series?

Answer 21

Biodiversity and environmental sustainability.

Question 22

What does the Polymer Banknote Series aim to promote?

Answer 22

Stewardship of natural resources and climate change awareness.

Question 23

What is significant about Philippine money in its historical context?

Answer 23

It reflects the country’s social, political, and economic evolution through different historical periods.

Question 24

Name the major historical periods of Philippine currency.

Answer 24

• Pre-Hispanic Era
• Spanish Era
• Revolutionary Period
• American Period
• Japanese Occupation
• Philippine Republic

Question 25

Where are Philippine coins and banknotes produced?

Answer 25

At the BSP Security Plant Complex (SPC).

Question 26

What does the BSP’s Clean Note and Coin Policy aim to do?

Answer 26

Remove unfit currency from circulation to maintain currency integrity.

Question 27

What determines the volume of currency issued annually?

Answer 27

Economic indicators and demand.

Question 28

When was the BSP Coin Series first issued?

Answer 28

1995.

Question 29

What is unique about the New Generation Currency Coin Series (2018)?

Answer 29

It features historical figures and native flora.

Question 30

When was the New Generation Currency Banknote Series first released?

Answer 30

December 2010.

Question 31

What enhancements were made to banknotes in 2020?

Answer 31

Improved accessibility and anti-counterfeiting features.

Question 32

What method does BSP recommend to check the authenticity of banknotes?

Answer 32

Feel, look, and tilt.

Question 33

What is demonetization?

Answer 33

The process of removing the monetary value of a legal tender currency.

Question 34

Name some demonetized Philippine currency series.

Answer 34

English Series, Pilipino Series, Ang Bagong Lipunan Series, Flora and Fauna Series, New Design Series.

Question 35

What are some BSP programs related to coins and notes?

Answer 35

Coin Recirculation, Revised Reward System, Clean Note and Coin Policy, Currency Lifecycle, Coin Deposit Machine Project.

Question 36

Why does the BSP issue commemorative coins and notes?

Answer 36

To celebrate significant people, places, and events in Philippine history.

Question 37

How does the BSP determine the volume/value of the notes and coins to be issued annually?

Answer 37

The Monetary Board approves the volume/value of the coins and notes to be issued annually, upon the recommendation of the Currency Management Committee (CUMC)

Question 38

How is currency issued to the public?

Answer 38

This is issued by the BSP to the public through Universal, Commercial, Specialized Governmet, Thrift and Rural Banks

Question 39

What is the volume and value of the currency notes?

Answer 39

4.3 billion pieces of notes valued at 1.8 trillion pesos

Question 40

What is the volume and value of the currency coins?

Answer 40

36 billion pieces of coins valued at 49.7 billion pesos

Question 41

What is the meaning of the legal power in a currency?

Answer 41

It is use in the settlement of the financial obligation within a specific jurisdiction.

Question 42

When can BSP replace the notes and coins of any series?

Answer 42

More than 5 years old in notes and more than 10 years old in coins.

Question 43

Why did the BSP enhance the design of the NGC banknotes?

Answer 43

This is intended to incorporate the latest available anticounterfeiting technology and improve the visual and tactile differentiation of each denomination.

Question 44

This enhancement is a vertical windowed security thread (WST) that shows the movements of designs and color when viewed at different angles.

Answer 44

Security Thread

Question 45

This enhancement changes color from green to magenta when viewed at different angles.

Answer 45

Optically Variable Ink (OVI)

Question 46

This enhancement is to assist the elderly and visually impaired in the identification of banknote value or denomination of short horizontal lines that are printed in intaglio at the extreme right and left sides of the note.

Answer 46

Tactile Marks

Question 47

This enhancement is for the value panel at the upper left corner of the 1000 piso and 500 piso banknotes.

Answer 47

Enhanced Value Panel for 1000 and 500 Piso

Question 48

What are the reasons for the conversion of the 20 Piso banknote into coin?

Answer 48

It is more prone to wear and tear and needs to be replaced more often.