BSP TO RELEASE BANK NOTES WITH P-NOY'S SIGNATURE FRIDAY

 

[PHOTO - Bank notes President Aquino holds up newly printed bank notes of different denominations bearing his signature during a presentation at Malacañang yesterday.WILLY PEREZ]

MANILA, NOVEMBER 26, 2010 (GMANEWS TV) - Starting Friday, the signature of President Benigno Aquino III will be seen on several banknotes or paper bills, the Bangko Sentral ng Pilipinas (BSP) said Wednesday.

BSP Gov. Amando Tetangco Jr. will lead a ceremony in Malacañang presenting the new banknotes bearing the signature of Aquino, the country’s 15th president.

For security reasons, the central bank did not disclose details of the new banknotes making it difficult for counterfeiters to come up with fake bills.

The BSP said the new banknotes were delayed since the central bank had to make new plates bearing Aquino’s signature.

The central bank also made sure there would be no misprints on the new banknotes.

In 2005, the BSP’s European printer produced 80 million copies of P100 bills with the name of former President Gloria Macapagal-Arroyo misspelled, appearing on the notes as “Gloria Macapagal Arrovo."

As many as 2.092 million pieces were in circulation before the error was discovered.

The BSP identified Oberthur Technologies as the printer involved in the Arrovo bills.

Redesigned banknotes

The BSP is scheduled to distribute the redesigned banknotes by December while the new coins will be issued starting 2012.

The central bank said it has decided to upgrade the security features of all banknotes to make it easier for the public to detect fake money.

All six banknote denominations — P20, P50, P100, P200, P500, and P1,000 — would have new designs, while the coin denominations P0.01, P0.05, P0.10, P0.25, P1, P5, and P10 would also have new features.

The six banknotes currently in circulation include the blue-colored P1,000 bill that was introduced in 1991 with features of World War II heroes Jose Abad Santos, Josefa Llanes Escoda and Gen. Vicente Lim.

The yellow P500 bill that was introduced in 1987 bearing the image of the late Sen. Benigno Aquino Jr.

Also included are the green P200 bill that was issued in 2002 with the image of the late President Diosdado Macapagal and President Gloria Arroyo, and the purple P100 bill introduced in 1987 with the image of the late President Manuel Roxas.

There is also the red P50 bill, introduced in 1987, with the image of former President Sergio Osmeña, and the brown P10 issued in 1985 with the figure of Apolinario Mabini.

The P5 bills with Emilio Aguinaldo are no longer being produced but are still legal tender.

Meanwhile, the coins will feature Mabini, Andres Bonifacio, and Jose Rizal — all Filipino heroes.

The Numismatic Committee, which includes BSP Deputy Gov. Diwa Guinigundo, decided to include “natural wonders" in the new banknotes and coins.

The new P500 bill would also include a portrait of the late President Corazon Aquino and her husband, the late Sen. Aquino.

The BSP said the new banknotes would pay tribute to Filipinos who played significant roles in the country’s rich history.

The notes would also feature world heritage sites and iconic natural wonders of the Philippines, it added.

The new coins would feature national symbols, the central bank said.

Last year, the BSP announced that it was mulling over a massive facelift for banknotes and coins that were circulated three decades ago to further enhance security features and durability.

Guinigundo had earlier said the present banknotes would remain in circulation and continue as legal tender for at least three more years. — JE/VS, GMANews.TV

AQUINO APPROVES PESO BOND SWAP

MANILA, PHILIPPINES, NOVEMBER 26, 2010, STAR (Xinhua) - President Benigno Aquino has approved the plan for a peso bond swap, Malacanang announced on Thursday.

Secretary Ricky Carandang of the Presidential Communications Development and Strategic Planning Office (PCDSPO) said in an interview at the Premiere Guest House that the President approved the plan on Wednesday.

Finance Secretary Cesar Purisima, who was in Malacanang for the presentation of bank notes to the President, said that with the President's approval, National Treasurer Roberto Tan would now " execute the transaction."

Asked how much the government is expecting from the scheme, Purisima said: "It really depends on the market. So it's up to Treasurer Tan to execute and he has to execute it in a manner that is good for the country. If the pricing is favorable then we do more. If the pricing is not favorable, then we don't do as much."

He said that the government's target "is to make it (25-year instruments) more liquid, and then after that we will issue regular 25-year papers so that it becomes a benchmark instrument."

"This is good for our capital markets because we will open up the market to longer tenor instruments and make the 25-year more liquid. This would be good for future infrastructure proponents. Even for individuals in the future, the availability of longer term loan in the country will now be more common," the finance chief said.

Carandang said that a peso bond swap is hoped to "deepen the capital markets" because of the availability of long-term instruments, and to provide "fiscal breathing space."


Chief News Editor: Sol Jose Vanzi

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