BSP to correct next batch of new peso bills

After being criticized over the flaws in its new bank notes, the Bangko Sentral ng Pilipinas (BSP) assured the public that it will make the necessary corrections in the next batch of bills that it will print. BSP corporate affairs director Fe dela Cruz said they will collate the initial criticisms about the new bills and address the problems accordingly. “There’s nothing perfect in this world. Pag-aaralan namin yan, kami ay bukas. There was never any intention to have a very, very precise rendition of the map, imposible yan. Ang pwedeng itama, gagawin natin yan kung sa pag-aaral lalabas ito ay dapat namin gawin, gagawin namin yan," Dela Cruz said in an interview on dwIZ radio on Monday. (There’s nothing perfect in this world. We will study them. We are open [to the idea]. Anyway, there was never any invention to have a very precise rendition of the map, that is impossible. But what we can do by way of corrections, we will do.)

“It’s a work in progress ang paggawa namin ng pera (We consider printing money properly as a work in progress)," she added. BSP deputy governor Diwa Guinigundo affirmed that they will correct the mistakes they can address. "Isasaayos yan kung may pagkakamali (We will correct the mistakes)," he said in an interview on dzBB radio. However, Guinigundo said the more important things are the enhanced security measures incorporated into the bills to thwart counterfeiters. Guinigundo said the security measures included changing images of the bill when viewed from different angles. He said there are other "covert features" that have not been made public. Circulation of the bills Dela Cruz said the BSP will start releasing the new bills to banks on Monday. She also said the BSP will coordinate with the Departments of Labor and Employment and Foreign Affairs to inform overseas Filipino workers about the new bills. “Magkakaroon tayo ng notice at ... pahayag sa ating mga DFA para masabihan ang ating kababayan sa ibang bansa at ganoon din sa DOLE," she said. (We will coordinate with the DFA and DOLE to inform our overseas Filipino workers about the new bills) No radical redesign Dela Cruz said there will be no radical redesign of the bills, such as the size of the bills and the color of the denominations. “Nagkaroon ng very conscious decision i-maintain ang color. Pareho ang size ng salapi para di magkaroon ng adjustment ang ATMs," she said. (There was a conscious decision to maintain the color of the denominations and to maintain the size of the bills so there will be no need for adjustments in automated teller machines.) Geographical errors Some of the new Philippine peso bill designs unveiled by BSP on December 16 were criticized for supposedly containing geographical errors. Online observers said the new P1,000 bill that features Southern Philippines’ Tubbataha Reefs may have gotten the site’s location wrong by over 300 kilometers. A blog also questioned the accuracy of the location of the Puerto Princesa Subterranean Park in Palawan as indicated on the new P500 bill. The blog also questioned why the Batanes islands at the northernmost tip of the country seem not to have been included in any of the new designs. “Lahat na komento ay iniipon namin, ie-evaluate at magkakaroon ng decision moving forward. Ang paggawa ng pera based sa plates, kung kailangan palitan, moving forward," Dela Cruz said. (We are collating and evaluating the criticisms about the new bills. Once we make the proper corrections we will implement them in the plates for the next batch of bills to be printed.) In the meantime, she said the BSP will maintain the security features in the new batch of bank notes. – VVP, GMANews.TV