Duterte urges public to use banknotes, coins responsibly


MANILA, May 9, 2018 – President Rodrigo Duterte on Wednesday urged the public to use the country’s banknotes and coins “wisely and responsibly”. 

The President made this appeal, as the Bangko Sentral ng Pilipinas (BSP) presented to him the New Generation Currency (NGC) enhanced banknotes and coins, in a simple ceremony held at Malacañang Palace.

“I ask the public to join us in welcoming the new generation currency banknote and coin series. Let us use them wisely and responsibly for our personal and our country’s advancement,” Duterte said in his speech.

Duterte assured that his government would continue to implement initiatives “such as this” to give a better life for over 100 million Filipinos.

“May this event usher in an era of lasting and meaningful changes in all levels of society,” Duterte said. “Let our money symbolize the resilience and promise of our economy, as well as the best of what this nation can offer, as well as what it stands for. Hand in hand, let us pave the way towards a brighter future, as we strive further to realize our vision of a more comfortable and dignified life for all.”

Duterte commended BSP Governor Nestor Espenilla for safeguarding the country’s financial systems.

“And I am grateful to the BSP for taking the lead in creating stronger and safer financial systems and safeguarding the integrity of the Philippine currency,” Duterte said.

The NGC banknotes were issued in 2010, and their design was enhanced in December last year, highlighting significant moments in the nation’s history, as well as world heritage sites and iconic natural wonders.

“There is a need to change the design of banknotes and coins because the law requires as to do so,” Duterte said.

The new enhanced banknotes bear the signature of Duterte as the 16th President of the country and Espenilla, while the new coins feature the BSP logo, national heroes, and endemic flora “to showcase the best of what our country has to offer”.

In minting the coins, the latest technology was adopted to deter counterfeiting, improve wear and corrosion resistance capabilities, and deter the hoarding of coins for illegal extraction of its metal content.

“This is to enhance its security features, as well as to prevent forging and improve durability. Initiatives like this are meant to promote public trust and confidence in our financial system,” Duterte said. (PNA)

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