The Central Bank of the Philippines said it will not change the design of the new 200-peso bill that features President Gloria Macapagal-Arroyo being sworn in as new head of state in January 2001, a senior official said.

It will be a waste of resources, since printing of the initial five million bills with Arroyo's picture has been accomplished, said Central Bank Deputy Governor Armando. "The printing is in its advance stages," he said.

The new bills will be presented as the country's new currency on June 12, Independence Day.

The intention of the new currency is to honour the late President Diosdado Macapagal for having restored the country's Independence Day to June 12. Before Macapagal's time, the country observed Independence Day on July 4.

The image of the incumbent Arroyo on the obverse of the bill was meant to underline the importance of military-backed street protests that swept her to power in January, Suratos said.

The image of the new 200-peso bill had undergone a "rigorous process" before its approval by monetary officials and the president herself, said Suratos.

It is not the first time that the Central Bank has portrayed an incumbent president on legal tender.

A P5 coin featured Marcos in 1975, former presidents Corazon Aquino, Fidel Ramos and Joseph Estrada were all featured in the Central Bank's recent commemorative coins and notes.