The Bangko Sentral ng Pilipinas has spent nearly P6 billion for the production abroad of polymer bank notes in P1,000; P500; P100 and P50 denominations, which also erased the memories of heroes who have shed their blood and lives for the independence and integrity of the country.
Instead, the BSP has completely replaced them with the country's endangered species in keeping with the global effort to foster the urgency of environmental awareness, preservation and conservation.
For whatever reason, the BSP opted to go for vogue reason like environmental conservation and ditch memories of heroes in what appears to be an accommodation of the desires of those in power – whose kin were never featured in the currency making the BSP anti-hero or a villain.
The BSP unveiled last December 19 the new polymer banknotes with the generally unpopular images– which was pleasantly received by the president and ordered their immediate production and commercial deployment.
The real cost
The Commission on Audit (COA), in a report published on its website on December 2, saiid the BSP spent nearly P6 billion of people's money to foreign suppliers to cover the cost of production and materials used for the bank notes, the Inquirer noted.
COA said that for 2023, the Monetary Board– chaired by the BSP Governor– in its financial statements, approved supply contracts during the third and fourth quarters of 2023 for the plastic banknotes.
The report added that the first contract was awarded on July 13, 2023, to De La Rue International Ltd., a British company that produces digital and physical protections for goods, trade, and identities, according to an Inquirer report.
The company got the contract for being the “lowest calculated responsive bidder” who offered its services for 4.497 million euros, or P269.524 million, based on the June 5, 2023, BSP reference rate of 1 euro to P59.934.
De La Rue was responsible for the supply and delivery of 150,000 bundles of banknotes in the P50 denomination.
The board also approved on Aug. 11, 2023, the contract with Swiss firm Koenig & Bauer Banknote Solutions SA for the new generation currency equipment worth 16.196 million euros (P973.643 million) and covered technical and maintenance support, training, supply, and delivery of raw materials, consumables, and wear-and-tear spare parts lasting for 12 months or a year, the COA report added.
Considering that we still have well-maintained (funded at billions of pesos) currency printing machines, these are all now white elephants.
On Sept. 28, 2023, the MB awarded another contract, this time to German company Giesecke+Devrient Currency Technology GmbH, for the supply and delivery of 200,000 bundles of the new P500 bill. The deal amounted to 11.751 million euros, or P727.475 million.
For the P100 bills, the board awarded the contract on Oct. 19, 2023, to Papierfabrik Louisenthal GmbH, another German company, for the supply and delivery of 75,200 reams of the enhanced P100 banknote. For this, the BSP spent 42.4 million euros, or P2.605 billion.
The same manufacturer was awarded another contract worth 18.54 million euros (P1.113 billion) on Nov. 16, 2023, for 51,020 reams of the new P50 bill.
The last contract, for the P1,000 bills, went to the French company Surys for the supply and delivery of 3,040 rolls of “optically variable device patch,” the reflective foil that serves as a major security feature of the banknotes. This contract was for 4.432 million euros (P269.028 million). All told, the BSP spent P5.95 billion of taxpayers’ money for the project.
Erasing heroes
Among the first to protest the new banknotes was the August Twenty-One Movement (ATOM), the anti-Marcos group created in 1983 after the assassination of opposition leader Benigno “Ninoy” Aquino Jr. The image of Ninoy and that of his widow, the late former president Cory Aquino, were among those dropped in the new banknotes.
Senate President Chiz Escudero and Sen. Koko Pimentel are asking the BSP to explain the change.
Times columnist Al Vitangcol III– a former government official– wrote that “remembering and celebrating these heroes who fought for justice, equality and independence not only honors their sacrifice but also motivates people to continue working toward positive societal changes. These historical figures exemplify qualities such as courage, sacrifice, determination and leadership that remain relevant today. By celebrating their lives and achievements, societies provide people with inspirational role models to look up to and strive to emulate.”
“In modern times, these heroes continue to inspire us to be better versions of ourselves by demonstrating how courage, sacrifice and moral conviction can transform challenging situations into opportunities for change. Their stories help shape our moral compass and ethical behavior, providing concrete models for future generations to emulate. This is particularly important for young people who are developing their sense of right and wrong in an increasingly complex world,” he continued.
Environmental concerns?
Citing ABS-CBN's interview with Sarah Severina Curtis, director of BSP banknotes and securities production management department, Vitangcol said “the new First Philippine Polymer (FPP) series showcases the following designs: the P1,000 note features the Philippine eagle and sampaguita flower; the P500 displays the Visayan spotted deer and Acanthephippium mantinianum; the P100 shows the Palawan peacock-pheasant and Ceratocentron fesselii; and the P50 depicts the Visayan leopard cat and Vidal's lanutan.”
“While environmental conservation is undoubtedly important, the BSP's justification raises several concerns and a flawed choice between honoring heroes and promoting environmental awareness. Currency design could potentially incorporate both elements rather than completely eliminating one for the other.” Vitangcol stressed.
The removal of heroes from currency represents more than just a design change, it eliminates a daily reminder of Philippine history and national identity. The previous banknotes featured crucial historical figures like Jose Rizal (P1,000), Benigno and Corazon Aquino (P500), Manuel Roxas, Sergio Osmeña, Josefa Llanes Escoda (P100) and Vicente Lim, Josefa Escoda, Jose Abad Santos (P50), he added..
While raising environmental awareness is valuable, currency has traditionally served as an accessible educational tool about national history. Many Filipinos, especially young people, learn about historical figures through their daily interaction with money.
#BSP #BankNotes #MoneyPh #OpinyonNews #WeTakeAStand