In 1995, a new set of coins and notes was issued. In 2009, the Bangko Sentral ng Pilipinas announced that it launched a massive redesign for current banknotes and coins to further enhance security features and improve durability. The members of the Numismatic Committee include Bangko Sentral Deputy Governor Diwa Guinigundo and Dr. Ambeth Ocampo Chairman of the National Historical Institute. The new banknote design features famous Filipinos and iconic natural wonders. Philippine national symbols will also be depicted on coins. To provide a smooth transition from the New Design Series to New Generation Currency (NGC) series, BSP purposely retained some NDS features, such as, the size, predominant colors and the featured personalities in the NGC, except for the portrait of President Corazon Aquino which is an added portrait on the 500-piso note. The BSP started releasing the initial batch of new banknotes on December 16, 2010. The BSP launched in 2020 the enhanced NGC banknotes that are more responsive to the needs of the elderly and the visually impaired, and feature the latest anti-counterfeiting technology. The NGC and enhanced NGC banknotes are legal tender and may be used as payment for goods and services.

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