Bangko sentral ng Pilipinas
1. Why is BSP changing the design of money?
We use money as a medium of exchange in everything we buy or sell. That's why some people are creating ways to make exact copies of money in order to do whatever they want. This is the main reason why BSP (Bangko Sentral ng Pilipinas) changing the design of the money regularly. The central banks regularly change the designs of the money - whether coins or paper bill (banknotes) mainly because to make it safe from counterfeiters. By regularly changing the designs of the money, it will be very difficult and costly for counterfeiters to produce exact copies of our money and also we can protect the integrity of our currency against criminals.
2. How will BSP prevent the spread of counterfeit or fake money?
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BSP prevent the spread of counterfeit or fake money by regularly changing the design of money. By upgrading the security features in all of our paper bills (banknotes), the BSP make it easier for the public to detect fake money from the real one, while at the same time making it nearly impossible and very expensive for counterfeiters to replicate our money. The BSP also mount a nationwide information campaign to educate our people on how to tell genuine banknotes from counterfeits.
3. What will happen to the existing currency in circulation?
The present banknotes will remain in circulation and will continue to be accepted as legal tender for at least three more years, it will be the start for the old banknotes demonetization will be announced and a transition period or changing of new banknote will be provided to the public. Based on previous currency retirement or demonetization program of the BSP, this will give enough time for the public to make a full transition to our new generation currency. A separate schedule will be followed for coins. Appropriate announcements will be released before and after the introduction of our new banknotes and coins to guide the public and ensure a smooth transition to our new currency.
4. How does the BSP select new designs and security features for our new generation currency notes?
The BSP has a Numismatic Committee who then approved which designs were to be used on the money. They initiate new design studies and also propose upgraded security features for consideration by its Monetary Board which in turn submits these to the President of BSP for final approval. Once a selection is made, the Monetary Board sends the proposed new designs for the approval of the President of the Philippines.
5. What are the considerations in the selection of security features for our new currency?
The BSP did research and benchmarking on security features that are available from global suppliers and are being used by other central banks. The security features range from level 1 to level 4 or from highly visible to hidden security elements that can be detected only by sophisticated equipment. The layered security features are as follows:
Level I: Security features which can be easily recognized by the public without use of special instrument. These are the “look", "feel", "tilt” elements in the notes such as watermark, security thread, security fibers, and others.
Level II: Security features recognizable by professional cash handlers/bank tellers with the use of magnifying lens or ultraviolet light. Examples are fluorescent features and security fibers, microprinting.
Level III: The hidden or covert security features reserved for the use of the Bangko Sentral.
Level IV: Forensic security features for the use of law enforcers in testifying whether a banknote is genuine or counterfeit. Forensic features are detectable at specialized laboratories.
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Bangko sentral ng Pilipinas. (2018, Mar 02). Retrieved from https://phdessay.com/bangko-sentral-ng-pilipinas/
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