Philippine Banknotes: 1989 5 PISO Bangko Sentral 40th Anniversary
Central Banking in the Philippines formally started in 1949 with the inauguration of the Central Bank of the Philippines on January 3, 1949. President Manuel Roxas passed a bill to the Congress on February, 1948 to establish a Central Bank. It was not until June, 1948 that the bill would be signed into law by President Elpidio Quirino.
In 1993, Central Bank of the Philippines was replaced by the Bangko Sentral ng Pilipinas as the country’s monetary authority. The change was implemented into law by President Fidel V. Ramos. For a while I thought it was only a name change since Central Bank of the Philippines directly translates to Bangko Sentral ng Pilipinas, but it was more than a name change.
I quote from the History page of Bangko Sentral’s official website.
“In accordance with a provision in the 1987 Constitution, President Fidel V. Ramos signed into law Republic Act No. 7653, the New Central Bank Act, on 14 June 1993. The law provides for the establishment of an independent monetary authority to be known as the Bangko Sentral ng Pilipinas, with the maintenance of price stability explicitly stated as its primary objective. This objective was only implied in the old Central Bank charter. The law also gives the Bangko Sentral fiscal and administrative autonomy which the old Central Bank did not have. On 3 July 1993, the New Central Bank Act took effect.”
In 1989, Bangko Sentral ng Pilipinas released a commemorative overprint to commemorate 40 years of central banking in the Philippines. It was printed on the New Design 5 Piso note.
1989 5 PISO BSP 40th ANNIVERSARY
“BANGKO SENTRAL NG PILIPINAS”
“IKA 40 ANIBERSARYO”
The over print is done in red, somewhat pinkish, ink. The overprint also features the BSP Security Complex in Manila.
I bought this banknote from a coin dealer. I think it was on sale then. It’s still relatively affordable considering that Bangko Sentral doesn’t print these anymore. BSP also released over prints for their 50th and 60th anniversaries. I don’t have the one from the 50th, but I do have the 20 Piso and 200 Piso from their 60th anniversary in 2009.