BSP releases Duterte bank notes

The Bangko Sentral ng Pilipinas (BSP) released on Tuesday 27 million pieces of bank notes bearing President Duterte’s signature, worth a total of P8.75 billion.

BSP Deputy Gov. Diwa C. Guinigundo told a press conference that the New Generation Currency (NGC) notes with the President’s signature will be made available to all banks nationwide.

For each of the P20, P50, P100, P500 and P1,000 bills, the BSP will initially release 100 boxes containing five million pieces, Guinigundo said.

As for the P200 bill, which has a relatively smaller demand compared to the five other bills, the BSP will release 40 boxes containing two million pieces, Guinigundo added.

Besides Duterte’s signature, the bank notes also still bear the signature of BSP Gov. Amando M. Tetangco Jr., whose second term will end in July next year.

Under Section 53 of Republic Act No. 7653 or The New Central Bank Act, bank notes “shall bear the signatures, in facsimile, of the President of the Philippines and of the Governor of the Bangko Sentral.”

Finance Secretary Carlos G. Dominguez III, who heads the Duterte administration’s economic team, has been convincing Tetangco to stay on for a third term, which will entail an amendment of the BSP Charter.

Guinigundo said the BSP will continue to produce the Duterte-signed NGC bank notes moving forward.

Distribution to areas outside Metro Manila may be limited during the first day, “but in the next few days there will be subsequent shipment of the Duterte-signed bank notes, to the regions and provinces,” Guinigundo said.

The NGC bank notes were launched in 2010 under the Aquino administration, such that the preceding bank notes under the New Design Series (NDS) will be demonetized on Jan. 1 next year.

“Given the change [in administration] from President Aquino to President Duterte, the signatory to the bank note series starting this year will be President Rodrigo Roa Duterte. We secured his signature,” Guinigundo said.

The BSP official said only the President’s signature was changed in the NGC bank notes.

“Nothing has changed from the series that we launched in December 2010 to the series that we are launching today. The design, the size, the dimension, the security features—they are all the same, except the signatory, who is now the President of the republic, President Rodrigo Roa Duterte,” he said.