Obverse
The banknote features on the obverse the oath taking of President Joseph E. Estrada at the historic Barasoain Church in Malolos, Bulacan on . The church, declared a historical landmark in , is the site of the Constitutional Convention of the first Philippine Republic in .
Reverse
The reverse depicts the reenactment of the declaration of Philippine independence by President Fidel V. Ramos at the Independence House, where Philippine independence from Spain was first proclaimed and the flag was first unfurled by President Emilio F. Aguinaldo on .
Security Features
3 dimensional cylinder mould-made portrait watermark of the two presidents, iridescent band, embedded security thread, color-shift windowed security thread, concealed image, micro printing, and perfect see-through register
Note
Created for the celebration of the Centennial of Philippine Independence in , and for welcoming the New Millennium. Printed in , the notes were to circulate in , but President Estrada was ousted from office that year resulting to unissued notes. BSP in released for sale 50,000 pieces of this type for historical, numismatic, educational and other purposes. The New Millennium banknote with the size of 160 mm by 66 mm, is the smaller version of the Centennial Commemorative banknote but is not a legal tender