Yes, the UP oblation overprinted on 100-peso bills.
And Bangko Sentral ng Pilipinas has approved the overprinting of the image of the oblation on new hundred peso bills to be circulated soon.
An artist speculation has been rendered by philmoney.blogspot.com. And here’s how it looked like (subjective to the artist):
Looking forward to the circulation of these bills. 
======================================
Related posts:
At least it’s not another image of GMA or her family.
Mabuhay ang mga Iskolar ng Bayan!
jhay’s last blog post..How to Globe Share-a-load
Checked out my blog again, this has been released already.
http://philmoney.blogspot.com
Peso Collector’s last blog post..100 Peso Banknotes – University of the Philippines Centennial