If you are going to the Philippines be cautious of the new 1,000 peso bill issued by the Bangko Sentral ng Pilipinas (BSP) It has a close resemblance to the 100 peso bill.

The 1000 Philippine peso bill

The 100 Philippines peso bill

The close resemblance of the two denominations has caused a lot of confusion among consumers and businesses that the Bangko Sentral ng Pilipinas has decided to change the tint of the new 100 peso bill to a more intense violet colour.

Before the changes can be implemented the BSP first needs to get the approval of the president.

In 2010 the BSP released what they call the new generation 20, 50, 100, 200, 500 and 1,000 peso notes, the main objective of the changes was to fight the rise of counterfeit in the market. The new generation bills have better security measures and are said to include the following features, embossed prints, fibers, watermarks, and alphanumeric and asymmetrical serial numbers.