Ninoy's Grandson on the P500 Bill: 'He Was Simply Lolo'

When Francis Joseph “Kiko” Aquino Dee was in second grade, his classmates started asking him a peculiar question: “Is your grandfather the one on the P500 bill?” For young Kiko, the face on that banknote was not just a historical icon; it was simply “Lolo Ninoy.”

Born in 1991, eight years after the assassination of former Senator Benigno “Ninoy” Aquino Jr., Dee grew up in a world where his grandfather's image was everywhere, especially on the P500 bill. But as a child, he didn't fully grasp the weight of that legacy. “At that age... you don't really know what a normal 'lolo' is supposed to be like,” Dee, now a 34-year-old political activist, told the Inquirer.

Understanding a Hero in Layers

Dee's understanding of his grandfather came in layers. History came first: he knew Ninoy was a hero who died fighting the dictatorship of Ferdinand Marcos Sr. Within the Aquino family, however, that larger-than-life persona was rarely discussed in detail. Much of what Dee learned was pieced together from his own studies and public remembrances of the opposition leader's martyrdom.

It was only after taking up political science and becoming active with the Ninoy and Cory Aquino Foundation that he began to look more closely at his grandfather's life and how his story could still be told today.

The P500 Bill: A Daily Encounter with History

As the country marks Ninoy Aquino Day on Aug. 21, his image may be gradually going out of circulation from one of the most ordinary things Filipinos handle every day: the P500 bill. His portrait first appeared on the banknote in 1987, four years after his death and a year after the 1986 Edsa People Power Revolution. A redesign in 2010 featured him with his widow, former President Corazon “Cory” Aquino, by his side.

In December 2024, however, the Bangko Sentral ng Pilipinas introduced a polymer P500 note showcasing Philippine biodiversity, with no more images of patriots and past presidents. The same applies to other peso denominations.

For almost four decades before the new look, the P500 bill offered Filipinos an everyday encounter with Ninoy. It even became part of street lingo: “Do you have a 'Ninoy'? (May Ninoy ka ba?)”

What We Put on Money Is the Soul of the Nation

Historian Xiao Chua said that kind of exposure was significant, for it allowed ordinary citizens to “access history” without having to open books or visit museums. He once surveyed about 40 to 50 urban poor leaders about their views on history and heroes. Many of the personalities who topped the list were figures whose portraits appeared on Philippine currency, including Jose Rizal, Emilio Aguinaldo, Andres Bonifacio, Ninoy and Corazon Aquino.

Chua said he was not opposed to having native flora and fauna celebrated on banknotes. But removing historical figures from something as commonplace as money, he said, makes history less accessible. “What we put in the paper money is the soul of the nation,” Chua told the Inquirer.

Memory Carried by People

Larah Del Mundo, an assistant professor in the Department of History at the University of the Philippines Diliman, said the placement of Ninoy's image on the peso bill reflected the political mood after the 1986 Edsa People Power Revolution. Her master's thesis examined how the Aquino assassination was told and retold from 1983 to 2016.

The period after Edsa was marked by euphoria over the end of the Marcos regime and the restoration of democracy, Del Mundo said. Ninoy's death, Cory's rise to the presidency and the revolution were closely connected in the public imagination. The decision to place Ninoy on the banknote was part of broader efforts after Edsa to memorialize him and the events surrounding his killing.

But the way of remembering has not remained fixed. Del Mundo's research found that the narratives of the assassination changed over time and differed depending on who was telling the story: the government, media, opposition groups, or the academe. She described them as “carrier groups,” or people and institutions that convey historical memory from one generation to another.

Ninoy's significance was especially contested after the initial post-Edsa euphoria faded, Del Mundo said. Narratives critical of the Aquino family emerged alongside efforts to portray Ninoy and the Aquinos negatively. The media, however, remained one of the more consistent carriers of Ninoy's memory. The assassination and the public hunger for information and accountability also helped create space for “alternative media” during the last years of the Marcos regime. Del Mundo cited the Philippine Daily Inquirer as an example, noting how the paper emerged during the turbulent period that followed the murder of Aquino on Aug. 21, 1983. The Inquirer's maiden issue as a daily came out on Dec. 9, 1985.

Del Mundo said the continued presence or absence of historical figures in public life also depends on which institutions choose to keep talking about them. The government, she said, is one of the most powerful agents of memory. Even an apparent decision not to commemorate or mention a historical figure can affect how visible that person remains in public consciousness.

A Hero, but Also a Grandpa

One of the stories Dee remembers about Ninoy had little to do with politics. During his exile in the United States, Ninoy once bought a large amount of cat food because it was on sale, even though the family did not have a cat. He planned to give it away to neighbors. For Dee, it was one of the stories that made his lolo look more like just another average Juan. If Ninoy were alive today, he might be living in a house cluttered by items bought online, the grandson said in jest.

Dee said he only began to think about Ninoy differently in college, after hearing classmates talk about their grandparents as their best friends, something he never experienced at all. As to Cory, what he remembers most is also not her political life but her being a grandmother who would get angry when the grandkids fight and become unruly.

Keeping Aug. 21 Alive

The Aquino family continues to commemorate Ninoy's death anniversary with a Mass at the Aquino mausoleum at Manila Memorial Park in Parañaque City. Dee said the family has tried to keep the observance consistent and simple: 10 a.m. every Aug. 21, “rain or shine.” When Cory was still alive, she hosted the gathering and delivered a short message. Later, other members of the family took on the role. After the death in 2021 of the Aquinos' only son, former President Benigno “Noynoy” Aquino III, the younger generation began taking its turn.

Dee now worries that in removing historical figures from everyday objects, such as peso bills, “you lose a very subtle yet effective way of keeping history present in the daily lives of people.” “History becomes something that only exists in textbooks or museums,” he said, “rather than something you hold in your hand every time you pay at the store.”

Dee's concern is not that Ninoy will immediately sink into irrelevance. “My fear is that, over time, it makes it easier for people to forget (about our heroes) or for the memory of their sacrifices to be slowly erased from the public consciousness.”

But in Chua's view, public recognition changes with the needs and concerns of each generation. Ninoy's story, he said, continues to resonate because of what he came to represent: the willingness to risk one's life for democracy, human rights and the country. For Chua, storybooks, books, films, documentaries and other forms of popular culture can continue to introduce historical figures to future generations.

“Let's keep on talking about them, whether negative or positive. At least we keep them alive,” he said. “Fortunate is a nation for which heroes have sacrificed their lives.”

Why Does the P500 Bill Redesign Matter for Remembering Ninoy?

The shift from historical figures to biodiversity on Philippine banknotes has sparked a debate about how we preserve national memory. For historians like Xiao Chua, currency was a daily, accessible way for ordinary Filipinos to connect with heroes like Ninoy Aquino. Removing those images, he argues, makes history less present in everyday life.

How Is Ninoy Aquino Remembered Today?

Ninoy Aquino is remembered through annual commemorations on Aug. 21, family gatherings at the Aquino mausoleum, and ongoing discussions in media and academe. His legacy as a martyr for democracy remains a touchstone for political activism and historical reflection in the Philippines.

What Does the Aquino Family Do on Ninoy Aquino Day?

The Aquino family holds a simple, consistent observance: a Mass at 10 a.m. every Aug. 21 at the Aquino mausoleum in Parañaque City. The tradition, started by Cory Aquino, is now carried on by the younger generation, including Kiko Aquino Dee.