27 million pieces of bank notes worth a total of P8.75 billion signed by President Rodrigo Duterte were released by the BSP on Tuesday
A total of 27 million pieces of bank notes, worth a total worth of P8.75 billion, bearing the signature of Philippine President Rodrigo Roa Duterte were released by the Bangko Sentral ng Pilipinas (BSP) on December 20, Tuesday.
BSP Deputy Governor Diwa C. Guinigundo told the reporters that the New Generation Currency (NGC) notes with the signature of President Dterte will be made available to all banks in the whole country.
According to Guinigundo, the Bangko Sentral will initially release 100 boxes containing five million pieces for each of the P20, P50, P100, P500 and P1,000 bills.
But as for the P200 bill, Guinigundo said, the Bangko Sentral will release 40 boxes containing two million pieces because it has relatively smaller demand compared to the five other bills.
Aside from the signature of President Duterte, the bank notes will still bear the signature of BSP Governor Amando M. Tetangco Jr., who second term will end in July 2017.
It is clearly provided under Section 53 of the Republic Act No. 7653, otherwise known as The New Central Bank Act, that bank notes “shall bear the signatures in facsimile, of the President of the Republic of the Philippines and the Governor of the Bangko Sentral ng Pilipinas”.
The BSP will continue to produce the NGC bank notes bearing Duterte’s signature even after the end of Guinigundo’s term.
Department of Finance (DOF) Secretary Carlos Dominguez has been convincing Guinigundo to stay for a third term, that will entail an amendment of the BSP Charter.
According to the central bank, the distribution of the NGC outside of Metro Manila may be limited during the first day but there will be subsequent shipment of the Duterte-signed bank notes to the regions and provinces in the next few days.
The NGC bank notes were launched under the administration of former President Benigno Aquino III in 2010.
The preceding bank notes under the New Design Series (DND) will be demonetized starting January 1, 2017.
Aside from the President’s signature, no other details of the bank notes were changed.
According to Guinigundo, the design, size, dimension and security features of the bills are all the same.
President Rodrigo Duterte is the 16th President of the Philippines whose signature appears in the peso bills since The New Central Bank Act was signed into law.
