This is an image that is manufactured directly onto the cotton-paper and the polymer substrate and can be seen on both sides of the banknote when placed against the light, with all its details and different tones.

The watermark on the F type banknotes is an image of the bust-head figure of the note. In the case of the commemorative 200-peso banknote, it is the image of the Winged Victory.  The commemorative 100-peso banknote does not have this security element.

The 100-, 200-, the commemorative 200-, the 500- and 1000-peso banknotes have an additional watermark which is the image of the denomination number.

Watermark on the 1000-peso banknote

Examination against the light

This feature is detected when holding the banknote against the light.