New Set of Philipine peso bills: One of the best currencies series in the world

Written By Lorna on Tuesday, October 25, 2011 | 8:25 PM

The series of new peso bills has been judged as one of the best currency series in the world in an international design competition.The set of new peso notes,
called the "New Generation Currency (NGC)" series, was one of two finalists for best new currencies in the world in a worldwide contest organized by the International Association of Currency Affairs (IACA).

IACA is an international organization of central banks, currency-issuing authorities, currency producers and suppliers. The winner of the Best Currency Award was the new series of shilling notes from Uganda. The other finalist for best new currencies was the new series of rupee notes from Sri Lanka.
The contest is aimed at recognizing the best currencies that have been issued within the last 18 months. The currencies were evaluated on the basis of their design, including innovativeness and security features.

'Best security features' Besides landing as a finalist, the Philippines' NGC was also given a special award for best security features. The new series of peso notes was cited for its optically variable device patch, a feature of the new P500 and P1,000 bills.
So far between 400 and 500 million of the new peso notes are already in circulation.
Despite this, there seems to be a scarcity of the new bank notes because some people, when they get hold of a new bank note, tend to want to keep it rather than spend it.