BSP releases P8.75-billion worth of Duterte-signed banknotes
The Bangko Sentral ng Pilipinas starting Tuesday will release a total of 27 million pieces of banknotes worth P8.75 billion bearing President Rodrigo Duterte’s signature.
BSP Deputy Governor Diwa C. Guinigundo told a press conference that the New Generation Currency notes with the President’s signature will be made available to banks nationwide.
The BSP will distribute the banknotes to its regional offices, from which banks can get the Duterte-signed bills, according to Guinigundo.
For each of the P20, P50, P100, P500 and P1,000 bills, the BSP will initially release 100 boxes containing five million pieces, Guinigundo said.
As for the P200 bill, which has relatively smaller demand compared to the five other bills, the BSP will release 40 boxes containing two million pieces, Guinigundo added.
Besides Duterte’s signature, the banknotes also still bear the signature of BSP Governor Amando M. Tetangco Jr., whose second term will end in July next year.
Under Section 53 of Republic Act No. 7653 or The New Central Bank Act, banknotes “shall bear the signatures, in facsimile, of the President of the Philippines and of the Governor of the Bangko Sentral.”
Duterte’s economic managers were nonetheless convincing Tetangco to stay on for a third term, which will entail an amendment of the BSP Charter.
Moving forward, the BSP will only release banknotes bearing Duterte’s signature, Tetangco said last week. CDG/rga
