Not long ago, there was a commemorative P5,000 banknote that drew the netizens’ interest, in no small part due to it using an image of chieftain Lapu-Lapu on the bill. This is in sharp contrast to the more recent outrage on social media caused by a controversial decision involving money, namely, to change the symbols depicted on some already existing currency denominations. It seems the choice of who or what appears on money is worthy of examination!
After all, the usage of any image on official national currency will make said image virtually omnipresent. It will be part of day-to-day transactions via currency circulation in the market. Philippine peso bills are updated with new security features every few years to incorporate latest innovations to prevent counterfeiting. With these changes comes the opportunity to carefully curate meaningful symbols for their new designs.
Some would say that the proposed change to the P1,000 banknote, which currently features Pinoy martyrs of the Second World War, is an affront to history and national identity. Others find the usage of flora and fauna to be more politically neutral; it is hard to argue that God-given topography and biology—landmarks and creatures objectively existing within the territory of a country—are not representative of the very land we walk on! Which is the better way forward?
In a culturally rich and diverse country like the Philippines, it is challenging to choose national symbols reflecting the lived experiences and values of every individual Filipino in the collective. The relationship of each citizen with a particular historical figure, national monument, or even regionally endemic animal, may vary. The selection of national symbols for the sake of a unified monolithic identity may be unintelligible to, and thus regrettably exclude, certain groups of Filipinos.
What alternatives do we have, if we cannot agree on what or who to put on peso bills and coins? One thing making the issue contentious, then, is a lack of inclusivity: if we need representations on the peso to embody places and things of cultural significance, as well as the brave ones who resisted foreign rule by the Spaniards, the Americans, and the Japanese, then different versions of the same bills or coins could coexist, showing more personalities and widening the spectrum.
Imagine the prospect of using different pesos adorned with multiple inclusive symbols, identifiable and relatable even to non-Manilenyos: Pinoys in the far-flung provinces, Filipino Muslims, overseas Filipino workers and their children, or even indigenous peoples, though those in the last category might, in some cases, find the very concept of money alien, to begin with. Another radical solution may be to have decentralized currencies per region—many kinds of money—effectively allowing each province the ability to produce their own pesos to better represent subsets of the population.
While both the old and new P1,000 bill designs should be circulating this year, it is unlikely that we would see the entire roster of peso bills and coins come in more than one single set of images, and less likely that the government would let different regional currencies coexist in the Philippines. This could be a precedent for a larger selection of symbols and persons to eventually be seen alongside—not necessarily replacing—well-known and traditional ones.
There is one more wild option for including more types of currency, which does away with national identity issues entirely: consider how the Latin American nation of El Salvador adopted Bitcoin as legal tender in 2021. Such decentralized digital cryptocurrencies provide a borderless alternative to the centralized physical fiat money that states are used to producing. Though met with skepticism by those comfortable with paper and metal money, it is hard to ignore such an emergence.
Virtual currencies come with risks, but so do online banking and shopping. Many around the world have already crossed these lines during this age of pandemic lockdowns, where we have come to rely on such digital technologies to, among other things, browse through items, purchase them, and have them delivered home directly. Money that exists only in electronic form, and which can be traded and invested in like paper currency, seems to be the next logical step for a globalizing world.
Back to the Philippine peso, and away from all the techie talk, the exchange of physical money will still be very much part of our lives for the foreseeable future. What we need is less cryptic currency: money that Pinoys use, understand, and identify with. Whether we expand our acceptance of symbols for the peso to better represent the great diversity among Filipinos, or otherwise embrace internationally emerging monetary technologies, decrypting and discussing these are much needed!
Mr. Harald Eustachius A. Tomintz teaches at the Department of Economics of the Ateneo de Manila University.