Mayon Volcano Included in New Currency Design

LEGAZPI CITY, April 7  - The Bangko Sentral ng Pilipinas (BSP) is set to release the new design of the Philippine monetary bills and coins by the end of 2010 and Mayon Volcano will be included in the new design of the bills.

Marlyn Paje, acting deputy director of BSP branch here, said that this is in accordance with the New Central Bank Act or Republic Act 7653 giving the Central Bank Monetary Board, with the approval of the Philippine President, the power to prescribe denominations, dimensions, designs and inscriptions and other characteristics of notes issued by the BSP.

Paje said the new currency design will have brighter colors and will feature the Philippines' national wonders at the back of the bills including Mayon Volcano. Currently, historical buildings are featured at the back side of the bills.

She added that the new face of the Philippine currency is to circulate by 2013. "From this year on, current bills and coins will still be considered as legal tender while a five-year exchange period for these is in place."

BSP redesigns the Philippine currency every 10 years as a measure to avoid counterfeiters in mastering the country's bank notes.

On the other hand, Dorothy Colle of the Albay Provincial Tourism and Cultural Affairs Office said that the inclusion of Mayon Volcano in the Philippine currency will be an opportunity to promote the province.

She added that local and foreign tourists will be more familiar of where Mayon is and it may boost the province's tourist arrival which was at 235,000, a far second to Camarines Sur's roughly one million tourist arrivals in 2009. (PNA)