Take a look at these commemorative notes and coins:
On January 18, a commemorative P5,000 bill was released to mark five centuries since Lapu-Lapu defeated Spanish colonizers led by Ferdinand Magellan, and established himself as the first Filipino freedom fighter.
Before the P5,000 bill, Lapu-Lapu's image could be found only on the lowest denomination of Philippine money, a one-centavo coin. On the commemorative note, the Bangko Sentral ng Pilipinas also placed symbols of Mindanao: Mt. Apo, the country's highest peak, and the Philippine Eagle.
The Bangko Sentral ng Pilipinas (BSP) also released commemorative coins for the series, which is now called the "Victory at Mactan."
The P5,000 bill may look bigger compared to other notes in general circulation, but there's an earlier note that's 20 times bigger in value: The P100,000 bill released in 1998 to mark 100 years of Philippine independence.
According to the BSP, the P100,000 bill, when it launched, was recognized by Guinness World Records as the world's largest bank note in terms of value.
Commemorative notes and coins are issued to "memorialize an event of historic significance to the country," the Bangko Sentral said on their website.
"Usually, these are in limited volume, set apart from the banknotes intended for circulation and overprinted with an emblem or text descriptive of the theme or occasion being celebrated," it said.
Only 1,000 pieces of the P100,000 centennial note was produced, according to the BSP. Another centennial note released in 1998, one that commemorates then President Joseph Estrada's inauguration, had a P2,000 value and only 1,000 pieces were printed.
Commemorative coins and notes are legal tender, according to the BSP. However, the rare ones due to high face value and limited quantities make them collector's items and don't end up in circulation.
In 2008, BSP released a P100 bill with a marking to commemorate the University of the Philippines' centennial. According to the BSP, 10 million pieces were printed, including overprints.
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