Palace leads launching of new coins, bank notes
THE MONETARY Board of the Bangko Sentral ng Pilipinas (BSP) presented the New Generation Currency (NGC) enhanced bank notes and coins to President Rodrigo R. Duterte at Malacañang Palace on Wednesday, May 9.
The presentation was led by BSP Governor Nestor A. Espenilla, Jr. and Finance Secretary Carlos G. Dominguez III.
In his speech, Mr. Duterte said he was grateful to the BSP for taking the lead in “creating stronger and safer financial systems and safeguarding the integrity of the Philippine currency.”
He noted the need to change the design of bank notes and coins. “The law requires us to do so. This is to enhance its security features as well as to prevent forging and improve durability. Initiatives like this are meant to promote public trust and confidence in our financial system,” the President said.
He added: “The new generation currency banknote and coin series highlight our nation’s most significant events, sites and people. We also included endemic flora [and fauna] as well as other well-known Filipino symbols to showcase the best of what our country has to offer.”
The President also called on the BSP to “(i)ntensify your (programs) against counterfeiting and conduct more campaign [drives] in order to protect our citizens from confusion and deceit.”
“I also enjoin the BSP to remain vigilant in ensuring price and financial stability, instituting banking reforms and sharpening strategies. We do this because public interest is at the heart of this administration’s priorities,” he also said.
In a press release, the BSP said the NGC bank notes were issued in 2010 and their design enhanced in December 2017. “The enhanced NGC bank notes bear the signature of the 16th President of the Philippines Rodrigo R. Duterte and the signature of the 4th Governor of the Bangko Sentral ng Pilipinas, Nestor A. Espenilla, Jr.”
Other Monetary Board Members who attended the event were Felipe M. Medalla, Juan D. de Zuñiga, Jr., and Antonio S. Abacan.
Also present were BSP Deputy Governor Diwa C. Guinigundo, Deputy Governor Chuchi G. Fonacier, Assistant Governor Dahlia D. Luna, and other BSP officials.
Also in his remarks, the President said another official will be fired soon.
He called out officials who travel abroad to attend conferences on climate change.
“Unless the hypocrite big powers adapt it heartily, then we could have a climate change, but at the rate the world is turning,… itong (this) climate change could be a farce if we cannot compel the industrialized nations to follow,” Mr. Duterte said. — Arjay L. Balinbin
