20 Piso Without border

The "without border" variety of this note — catalogued separately from the bordered version — reflects a mid-run plate modification rather than a distinct issue. Thomas De La Rue altered the frame treatment between printings, a small change that created two collectible varieties from what was otherwise a single authorization. At 12,175,000 pieces, the print run was substantial, but border-variety splits mean neither iteration is as common as the aggregate figure suggests.

1972 was the year Marcos declared martial law, placing the Bangko Sentral under tighter executive control. Notes from this period circulated under a radically different political arrangement than those issued just months earlier.