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Offline Bimat

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Philippines: New Generation Currency by 2014
« on: August 08, 2011, 10:58:49 AM »
Full release of new generation currency by 2014 - BSP
by Easter Anne D. Doza

BACOLOD CITY, Aug. 8 (PIA) -- The public may expect full circulation of the New Generation Currency in six new denominations by 2014.

This was revealed by Iluminada Sicat, Bangko Sentral ng Pilipinas Managing Director of the Currency Management Sub-Sector, in a public information campaign on the NGC at the Bangko Sentral ng Pilipinas – Bacolod Branch office.

“While we still have the old series circulating, BSP has a plan of disposition of the currency. With the unfit old notes reaching BSP, the new series is being released in a calibrated manner,” Sicat said.

Sicat noted that some people collect the new money as souvenir instead of further circulating them.

“It is not possible that BSP will keep on releasing the new currency since this will have an effect on inflation. In Economics 101, if there are more money and there are less goods, this will put pressure on the prices, and we don’t want that to happen,” Sicat said.

The banks are used by the BSP as medium as the public deposits their old notes with the banks, which in turn, brings the old notes to BSP which exchange them with the new generation currency.

“Our new generation currency is something we can be proud of, and it is even nominated in International Association of Currency Affairs award so let us give it integrity and due respect by handling it appropriately.

Sicat urged the public to be patient as the BSP is releasing the NGC gradually to also prevent oversupply of peso.*(JCM/EAD-PIA6 Negros Occidental)

Source: PIA
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Online <k>

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Re: Philippines: New Generation Currency by 2014
« Reply #1 on: August 08, 2011, 12:37:47 PM »
See Wikipedia: http://en.wikipedia.org/wiki/Philippine_peso#New_Generation_Currency

New Generation Currency

In 2009 the Bangko Sentral ng Pilipinas announced that has launched a massive redesign for current banknotes and coins to further enhance security features and improve durability.[15] The members of the numismatic committee include Bangko Sentral Deputy Governor Diwa Guinigundo and Dr. Ambeth Ocampo Chairman of the National Historical Institute. The new banknote designs feature famous Filipinos and iconic natural wonders. Philippine national symbols will be depicted on coins. The BSP started releasing the initial batch of new banknotes in December 2010 while new coins will be introduced beginning 2012. Current banknotes will remain legal tender for at least three years exactly in December 2013.


Offline Coinsforever

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Re: Philippines: New Generation Currency by 2014
« Reply #2 on: August 09, 2011, 12:06:38 AM »
Reading these past articles , I only hope if they really release so called  "New Generation Currency"

Year ............................  It is difficult to guess :-\


Cheers ;D
Every experience, good or bad, is a priceless collector's item.



http://knowledge-numismatics.blogspot.in/

Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #3 on: September 29, 2011, 05:26:47 PM »
New peso notes design shorlisted for international currency award

By Mia A. Aznar
Thursday, September 29, 2011

THE new generation currency (NGC) notes may have first drawn criticism for reported innaccuracies, but they have impressed an international body and have been shortlisted for an award next month.

Iluminada Sicat, acting managing director of the currency management subsector of the Bangko Sentral ng Pilipinas (BSP), announced that the NGC notes are one of three nominated by the International Association of Currency Affairs for best currency award.

The awarding will be held in Singapore next month.

Sicat believes the NGC’s unique features caught the attention of the international community.

The notes are made from cotton and Philippine abaca paper and have anti-microbial qualities. They are reportedly more durable than previous bills.

Sicat said the security features of the new notes make it difficult for counterfeiters to copy.

The NGC’s security features include embedded and windowed security threads, embossed markings, security fibers and optically variable patches.

The BSP reiterated the NGC’s security features during the launching of the “No to fakes. Know the original!” campaign with Hewlett-Packard Philippines last Wednesday.

The NGC, Sicat said, took three years to design.

The new banknotes are more colorful than the previous design. They also feature historical scenes, tourist attractions and animals endemic to the Philippines.

Knowing the propensity of some people to collect new notes, Sicat said the BSP is urging those who get hold of NGC notes to spend these.

The BSP released the notes in December last year, but Sicat said the market has not seen much of the NGCs because of those who collect the bills and keep them as souvenirs.

The BSP will be printing P700 million worth of the NGC, one third of which has already been released into the market. The bulk of the released denominations was released in Metro Manila while 25 percent was scattered around the regions.

The existing currency, called the new design series, will remain in circulation for another three years.

Source: SunStar
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Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #4 on: October 21, 2011, 05:19:44 PM »
Maligned PHL banknotes earn currency honors in Singapore

10/21/2011 | 06:49 PM

The Philippines’ paper money series, known as the New Generation Currency (NGC) banknotes, won a finalist award for Best New Banknote Series in a conference in Singapore, the Bangko Sentral ng Pilipinas said on Friday.

Monetary Board member Armando L. Suratos and Deputy Gov. Juan de Zuñiga received the award from the International Association of Currency Affairs (IACA).

The NGC series and the BSP were sharply criticized when the banknotes were unveiled. Critics opined that the new paper bills had errors.

The IACA’s Best Banknote Series award was for the Ugandan Shilling while the Sri Lankan Rupee was runner-up.

Another award, for Best New Currency Feature, recognized the Hologram Industries’ Optically Variable Device (OVD) Patch — a security feature on the P500 and P1000 NGC series.

The OVD patch is a reflective foil that bears the image of BSP Logo with a parrot on the P500 bill and the South Sea Pearl inside a clam in the P1000 bill. The color of the parrot and the clam changes from red to green when the note is rotated 90 degrees.

Source: GMA News
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Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #5 on: August 22, 2012, 01:03:34 PM »
2 Foreign Companies Submit Bids To Supply New Banknote Printer

By LEE C. CHIPONGIAN August 22, 2012, 4:59pm

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has received bids from two foreign manufacturers, Komori Corp. of Japan and European KBA Giori for the purchase of a new banknote superline printer budgeted to cost P1.7 billion.

BSP Deputy Governor Juan de Zuñiga Jr. said the bidding took place in July and the BSP’s Bids and Awards Committee is still reviewing the proposals from the two old rivals.

Both Komori and KBA Giori also competed for the P1.8 billion first superline printer in 2010 and 2011 which Komori eventually won. The original budget for the first superline was P3.1 billion and the BSP saved money when Komori agreed to sell for P1.8 billion, documents from the BSP’s Banknotes and Securities Printing Department (BPSD) said.

Zuñiga said the first printer which began installation June 2011 is expected to run any time now. Two of the four 35 to 40-year old banknote printers at the BSP’s Security Plant Complex (SPC) in Quezon City have been decommissioned last month.

The central bank is buying a complete set of printing equipment for banknotes, which would include an offset press, intaglio press, numbering and finishing press. The additional printers will reduce the volume of outsourced banknotes that cost the BSP at least P2 billion a year.

The BSP has started printing the lower denominations of the New Generation Currency (NGC) in 20-piso and 50-piso in the first quarter, while the higher bills will still be printed by foreign printers, mainly Oberthur Technologies of France, the world’s third largest banknotes printer. It was however British banknotes printer De La Rue PLC which was the originator for the NGCs.

Based on Monetary Board documents, the New Design Series (NDS) of banknotes or the “old” designs before the NGCs, will still be printed until next year as the SPC still has stocks of NDS paper and ink at the printing complex.

For this year, the SPC will print one billion pieces of NDS and another one billion pieces of lower-denominated NGCs. The 100-piso, 200-piso, 500-piso and 1,000-piso are outsourced to foreign printers.

The BSP will continue to circulate both NGC and NDS until 2013. The call for fully replacing NDS is expected to be made by the end of next year or early 2014.

Last year, the BSP printed 1.236 billion pieces of new banknotes, exceeding its target of one billion pieces. Of the 2.432 billion pieces ordered for 2011, it produced 74.3 percent while the rest were outsourced. The total currency issued by the BSP as of the end of 2011 was 3.016 billion pieces worth P769 billion, three percent higher than end-2010. Total coins produced amounted P20.3 billion or about 17.994 billion pieces, up 7.1 percent year-on-year.

Source
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Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #6 on: May 22, 2013, 04:40:08 PM »
Chinese trader corners banknotes manufacturer

By Ramon Tulfo
Philippine Daily Inquirer

A Hong Kong Chinese businessman has bagged multimillion-peso projects involving the production and delivery of the country’s new generation banknotes.

The supply of new peso bills in 20, 50, 100 and 1,000 denominations, including contracts for the supply of security components that ensure the peso bills are tamper-proof, has been cornered by companies represented by this businessman.

I got this information from an official of the Bangko Sentral ng Pilipinas (BSP).

[...]

Source: Inquirer
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Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #7 on: May 15, 2015, 11:09:41 AM »
Confused over P100 and P1,000 bills?

MANILA, Philippines (UPDATED) – Why so similar?

Senator Aquilino “Koko” Pimentel III asked the Bangko Sentral ng Pilipinas to explain why the P1,000 and P100 banknotes are almost identical to each other, thus confusing the public.

Pimentel issued the call Thursday, May 14, after receiving numerous complaints over the similarity between the P1,000 and P100 bills, which are included in the New Generation Currency (NGC) banknotes.

“The BSP should explain why they are too similar and state if there are plans to improve the situation,” Pimentel said.

The NGC bills, launched by BSP in December 2010, will be the currency in circulation starting January 2016. (READ: BSP starts shift to ‘New Generation Currency’ bills Jan 1)

User-friendly

BSP Deputy Governor Diwa C. Guinigundo said the P1000 and P100 bills seemed to look similar in terms of color.

“If we really use our eyes and read the inscription, and not just look at the color, it's easy to detect the difference between the P1,000 bill and the P100 bill,” the BSP monetary stability sector head said Thursday, following a central bank briefing on its monetary policy stance.

He added there is no plan to change the design because it has been approved by the BSP Monetary Board and the President of the Republic.

However, Guinigundo said that BSP is trying to adjust the color of the bills “to make sure that blue is really blue and violet is more violet."

This is to improve the contrast between the two, he added.

BSP earlier said the NGC series is user-friendly and allows easy identification of each denomination because of the dominant color that uses distinct and primary inks.

BSP 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 are also printed on both sides of the NGC banknotes, in addition to new and enhanced security features to protect the currency against counterfeiters.

Under the new Central Bank Act or Republic Act (RA) No. 7653, the BSP may call in for replacement notes of any series or denomination which are more than 5 years old and coins which are more than 10 years old.

As of December 31 2014, there were about 22.553 billion pieces of coins valued at P25.83 billion ($580.42 million) and 3,393 billion pieces of banknotes valued at P903.406 billion ($20.30 billion) that BSP issued.

The central bank earlier reminded the public that they may continue to use the New Denomination Series (NDS) banknotes until December 31, 2015.

Source: Rappler
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #8 on: October 29, 2015, 01:03:53 PM »
BSP to release new version of P100 bills

by Lee C. Chipongian
October 29, 2015

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo yesterday announced that the central bank will be releasing a re-colored 100-piso banknotes soon amid criticisms of its confusing color-similarity with the 1,000-piso banknotes.

“In response to comments from the public, the BSP is set to release a version of the 100-piso NGC (New Generation Currency) banknote with its color scheme revised to make it easier to distinguish from the 1000-piso banknote,” said Guinigundo in a briefing on updates about banknotes’ demonetization.

The 100-piso is printed in violet color while the 1,000-piso is in blue.

In the same press conference, Guinigundo said as of the end of the third quarter, the soon-to-be decirculated New Design Series banknotes only account for 15.89 percent of number of banknotes in circulationor 8.51 percent of total value of cash in circulation.

“At present, both the old banknote series (NDS), launched in 1985, and the NGC series, launched in 2010 can be used freely,” said Guinigundo.

The remaining NDS can be used to pay for goods and services until December 31, 2015. From 1 January to 31 December 2016, old banknotes will not be valid as payment. “However, banks and BSP branches/offices will exchange them at face value and free of charge,” said Guinigundo.

Guinigundo also reminded the public that the NDS will lose monetary value by January 1, 2016 but provisions were made for overseas Filipinos to exchange their old banknotes if they are not in the country during the replacement period. “Said OFWs can register online from October to December 2016 to exchange their old banknotes within a year from the date of registration.”

The BSP has informed the public of the NDS demonetization as early as 2013 and gained ground by December 2014. (LCC)

Source: Manila Bulletin
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #9 on: February 24, 2016, 05:03:12 AM »
The upgraded 1000 Piso banknote was put into circulation on February 01, 2016. The press release by Central Bank of Philippines is here.

Aditya
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Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #10 on: December 05, 2017, 04:01:55 PM »
BSP releases Philippine peso bills with 'enhanced design'

Published 8:15 PM, December 05, 2017
Updated 8:15 PM, December 05, 2017

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Tuesday, December 5, released into circulation a new set of New Generation Currency (NGC) banknotes with an "enhanced design."

The BSP said the new Philippine peso bills are "aimed at highlighting significant moments in the nation's history, as well as its world heritage sites and iconic natural wonders."

"The Philippine banknotes," it added, "remain a constant reminder of the Philippine patriotism and bravery, and centuries of journey for the Filipino people's better future."

While the new banknotes are now in circulation, the existing NGC bills will still remain legal tender.

[...]

Source: Rappler
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #11 on: December 28, 2017, 03:40:47 PM »
BSP admits ‘faceless’ bills isolated, rare print errors

By Bianca Cuaresma - December 28, 2017

THE Bangko Sentral ng Pilipinas (BSP) confirmed on Thursday misprints in the P100 banknote, resulting in “faceless” bills as seen in the recent viral social-media post.

The BSP issued a statement saying the misprints were “rare” and were isolated cases.

“Having found these to be issued by the BSP, an inquiry was made into the printing-machine error that caused it. First, the BSP emphasizes that these incidents [while posted repeatedly on social media] actually represent isolated cases experienced by a few individuals,” the monetary authority said.

“Millions of banknotes are printed by the BSP on a daily basis. In the manufacturing and production process, there are cases when machine errors cause rare misprints. In this particular case, the BSP has identified the mechanical cause of the said erroneous printing,” it added.

The BSP also assured the public that the issue has been resolved.

“The BSP assures the public that it has, through the years, observed a procedure of Quality Assurance for the millions of banknotes it daily prints and circulates as legal tender,” the BSP said.

The country’s central monetary authority also urged the individuals affected to turn over the misprinted notes.

“Those individuals may, during office hours, either at its head office in Manila or its Security Plant Complex in Quezon City, visit the BSP. After verification of the bills’ authenticity, the BSP shall replace the same,” the BSP said.

Source: Business Mirror
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Offline Bimat

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Philippines: New Generation Currency by 2014
« Reply #12 on: December 30, 2017, 07:18:09 AM »
BSP asks public to refrain from posting photos of 'faceless' banknotes on social media

By Ian Nicolas Cigaral (philstar.com) | Updated December 30, 2017 - 11:09am

MANILA, Philippines — The Bangko Sentral ng Pilipinas on Saturday appealed to the public to refrain from acts that would cast doubt on the credibility of the country’s legal tender after pictures of “faceless” banknotes went viral on social media.

In a statement, the BSP cautioned the public about posting photos of alleged misprinted banknotes on social media, saying that such an action “causes confusion which may negatively affect commerce.”

“The public is also advised to be vigilant against acts of those who wish to confuse, deceive or illegally profit from posting, producing and/or selling fake ‘misprinted’ notes with no numismatic value,” the central bank said.

“The BSP assures the public that it is, and has, always been committed to safeguarding the authenticity and genuineness of our currency and to protecting the public interest,” it added.

On Sunday, a bank client posted a complaint on Facebook that she withdrew “faceless” P100 bills from one of the ATMs of the Bank of the Philippine Islands in Eastwood City.

In a press briefing Thursday, BSP Managing Director Carlyn Pangilinan called the incidents of “faceless” bills that were posted on social media “isolated cases.”

There were reported 33 pieces of misprinted P100 bills or less than a tenth in circulation.

“In the manufacturing and production process, there are cases when machine errors cause rare misprints. In this particular case, the BSP has identified the mechanical cause of the said erroneous printing. It has since been resolved,” Pangilinan said.

She cited that there was no 100 percent error-free production of banknotes.

“This is the first time that it was loaded into an ATM,” Pangilinan said.

Source: PhilStar

 
« Last Edit: December 31, 2017, 08:59:15 PM by <k> »
It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline Figleaf

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Re: Philippines: New Generation Currency by 2014
« Reply #13 on: December 31, 2017, 07:58:43 PM »
There were reported 33 pieces of misprinted P100 bills or less than a tenth in circulation.

 :D :D
An unidentified coin is a piece of metal. An identified coin is a piece of history.