BSP told to explain why new P100, P1000 bills ‘look too similar’
AFP FILE PHOTO
Senator Aquilino “Koko” Pimentel III on Thursday urged the Bangko Sentral ng Pilipinas (BSP) to explain why the P1000 and P100 banknotes look very similar and almost identical to each other.
Pimentel said he had received numerous complaints from the public about confusion arising from the similarity between the P1000 and P100 banknotes, known as the New Generation Currency (NGC).
“The BSP should explain why they are too similar and state if there are plans to improve the situation,” the senator said in a statement.
Under the new Central Bank Act (RA No. 7653), Pimentel said the BSP may call in for replacement notes of any series or denomination which are more than five years old and coins which are more than ten years old.
He said BSP records showed that as of December 31 2014, there were about 22.553 billion pieces of coins valued at P25.833 billion and 3,393 billion pieces of banknotes valued at P903.406 billion that had been issued.
Article continues after this advertisementREAD: Money costs money
Article continues after this advertisementThe NGC bills, launched by the BSP in December 2010, will be the currency in circulation starting in January next year as the old banknotes which have not been exchanged by December 2016 would cease to be the liability of the BSP.
READ: Old peso bills going out of circulation
But Pimentel said the public noted that the design of the P1000 and P100 bills are very similar or almost identical particularly when the NGC banknotes are crumpled or have undergone normal wear and tear.
The senator though noted the BSP’s claim that the NGC is user-friendly and allows easy identification of each denomination because of the dominant color retained, using distinct and primary inks.
He said the BSP has also introduced several security features such as the intaglio-printed front side of the currency to give an embossed feel and help the visually-impaired differentiate each denomination.
Big numerals corresponding to the denominational value were likewise printed on both sides of the NGC banknotes in addition to new and enhanced security features to protect the currency against counterfeiters, Pimentel added. IDL
