Corrections re new banknotes

This refers to Paolo G. Montecillo’s news story titled “Phase-in of new peso bills going on smoothly—BSP” (News, 10/30/15). We would like to correct two inaccuracies in the report:

1) “NGC” means “New Generation Currency,” not “Next Generation Currency.”

2) The Philippine banknote series going through the current demonetization process is the “New Design
Series” (NDS) which was issued by the Bangko Sentral ng Pilipinas in 1985, not the NGC series.

We would like to stress that the NGC banknote series issued in 2010 will be the only series in circulation starting 2017.

—ERNANDO S. DE LEON, director, Currency Issue and Integrity Office,

Currency Management Sub-Sector,

Bangko Sentral ng Pilipinas,

East Avenue, Diliman, Quezon City