The Ang Bagong Lipunan series (literally, ”The New Society Series") is the name used to refer to Philippine banknotes issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of banknotes. The lowest denomination of the series is 2-piso and the highest is 100-piso.
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Background
After the declaration of Proclamation № 1081 by President Ferdinand Marcos on September 23, 1972, the Central Bank was to demonetize the existing banknotes in 1974, pursuant to Presidential Decree 378. All the unissued Pilipino Series banknotes (except the one peso banknote) were sent back to the De La Rue plant in London for overprinting the watermark area with the words "ANG BAGONG LIPUNAN" and an oval geometric safety design. The one peso note was replaced with the two peso note, which features the same elements of the demonetized "Pilipino" series one peso note.
On September 7, 1978, the Security Printing Plant in Quezon City was inaugurated to produce the banknotes. And a minor change of its BSP seal.
The banknotes were still legal tender even after the introduction of the New Design Series banknotes, however it is seldom used after the EDSA Revolution. The banknotes were eventually demonetized on February 2, 1993 (but can still be exchange with legal tender currency to the Central Bank until February 2, 1996) after clamors that the banknotes can be used to buy votes for the 1992 Presidential Elections.
Commemorative issues
The Central Bank, aside from minting expensive commemorative coins for special occasions, overprinted circulating banknotes. The first was in 1978 for the birth centenary of former President Sergio Osmeña; the words IKA-100 TAONG KAARAWAN 1878-1978 were placed near his portrait on the 50-peso banknote.
The next overprint was in 1981 when Pope John Paul II visited the Philippines from February 17 to February 21, 198. The overprint was on the 2-peso banknote on the watermark area. On June 30, 1981 the bust profile of President Marcos was overprinted on the 10-peso banknote to mark his Inauguration on that date.
In 1981, the Central Bank Ad Hoc Committee was authorised to approve or reject designs of circulating banknotes and coins, including commemorative banknotes and coins.