After the People Power Revolution and the new Constitution was promulgated, the 500 Piso banknotes featuring president Ferdinand Marcos designed by Romeo "Romi" Castillo Mananquil were ordered to be destroyed before it went to circulation by the new government. It was redesigned in honor of Senator Benigno "Ninoy" S. Aquino Jr. The 500 Piso New Design Series banknotes designed by Rafael Asunsion were originally issued as commemorative banknotes on ; it pays tribute to the 4th death anniversary of Senator Benigno "Ninoy" S. Aquino Jr.
On , the CBP issued for the first time a 1000-piso banknote, containing on the obverse side the composite portraits of Jose Abad Santos, Josefa Llanes Escoda and Vicente Lim.
After the establishment of the new Bangko Sentral ng Pilipinas by virtue of RA 7653 or the New Central Bank Act of , continued to mint the Flora and Fauna and Improved Flora and Fauna Series Coin until . In the BSP introduced a new coinage called BSP series coin, then renamed the New Design Series banknotes as BSP Series Banknotes bearing the new logo, though the name New Design Series remained prominent for the banknotes.
On , the revised 10-piso banknote, with portraits of Apolinario Mabini and Andres Bonifacio on the obverse side, was issued.
Due to advancement of technology, particularly the colored reproduction machines and became available in commercial quantity and has become a big threat to the integrity of the currency. As a result, in , BSP decided to enhance the security features of the of 1000 Piso, 500 Piso, and 100 Piso banknotes, including the 200 Piso which was issued in , by incorporating the iridescent band and the windowed security thread to combat counterfeiting made out of colored copiers and printers. Also in BSP begun to use a new substrate of 80% cotton - 20% abaca replacing the 90% cotton - 10% linen substrate for 100 piso, 500 piso, and 1,000 piso. The following year, , the 200 Piso followed. In the rest of the denomination used the 80% cotton - 20% abaca substrate.
On , the 200 Piso banknotes were originally issued as commemorative banknotes, it pays tribute to the 104th Anniversary of the Philippine Independence day and featuring president Diosdado P. Macapagal, who moved the country's independence day celebration from to . It was the last denomination to be added in the series.
New Design Series was considered demonetized after pursuant to BSP Circular No. 863, 910, 935, 954, 977
New Design Series is the predecessor of New Generation Currency Series and the successor of Ang Bagong Lipunan Series Series Banknote