5 Piso Central Bank

The Bangko Sentral ng Pilipinas began printing its own notes domestically at the Security Plant Complex in the late 1970s, ending a long dependence on foreign printers — Thomas De La Rue and the American Bank Note Company had handled earlier Philippine issues. P#177 belongs to the first generation of fully domestically produced series, and the quality control debates that surrounded the SPC's early output are well documented among collectors of this period.

Watermark-only security on a circulating note by 1989 was already conservative by international standards, and this denomination was replaced relatively quickly as the BSP moved toward more robust features in the 1990s series.