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Villanueva: BSP needs to be clear on new polymer bills

Philippines | National

Villanueva: BSP needs to be clear on new polymer bills

By Mario Casayuran

The Bangko Sentral ng Pilipinas (BSP) only needs to be clear and more energetic in their information campaign regarding the new polymer bills.

Senator Joel Villanueva (Senate of the Philippines)

Incoming Senate Majority Leader Joel Villanueva issued this statement following criticisms against the new P1,000 polymer bills.

Incoming Senate Minority Leader Aquilino Pimentel III has asked the BSP to stop the issuance and the production of the P1,000 polymer banknotes amid mounting complaints about its practical use as a legal tender.

Pimentel, a former Senate President, also filed a resolution urging the Senate to conduct a legislative inquiry on BSP’s inclination to constantly change banknotes and coins at the expense of Filipino taxpayers.

Villanueva said that Filipinos only need simple things in our money: can easily be used in any transaction, and sufficient safeguards against counterfeiting.

‘’Whatever material that the BSP will use in our bank notes, practicality and security are the most important considerations for whatever design of our money,’’ he said.

Related Tags

polymer banknote Bangko Sentral ng Pilipinas joel villanueva

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