Pimentel files reso seeking probe on BSP’s 'frequent' change of coins, banknotes designs

Senator Aquilino “Koko” Pimentel III has filed a resolution seeking an investigation into Bangko Sentral ng Pilipinas’ (BSP) “frequent and apparently purposeless” changes in the design of Philippine peso coins and banknotes.

“Now, therefore, be it resolved by the Senate of the Philippines, as it is hereby resolved, to direct the proper Senate committee to conduct an investigation, in aid of legislation, as to the frequent and apparently purposeless changes in the design of our Philippine Peso coins and notes initiated by the BSP,” Pimentel said.

In filing Senate Resolution 362, Pimentel cited the 2009 “massive redesign” of Philippine bank notes for added security features and improved durability, shifting from the “New Design Series” (NDS) launched in 1985 to the “New Generation Currency Series” (NGC) in 2010.

In 2018, the BSP likewise introduced the NGC Coins Series, which “overhauled” all the coinage designs being used in the Philippines and it was circulated through the banks in March 2018.

Pimentel noted the 2019 announcement by the BSP on another redesign of the new five peso coin “due to the obvious public confusion it caused” with the new one peso coin.

In July 2019, the senator likewise noted the replacement of the 20 peso banknote with a bi-metallic new twenty peso coin which is slightly bigger than the 10 peso coin and was circulated to the public in early to mid-2021.

He included in his resolution the December 11, 2021 announcement of the BSP which showed the “complete overhaul” of the NGC 1,000 peso note by replacing the image of World War II heroes and martyrs, namely Chief Justice Jose Abad Santos, Brigadier General Vicente Podico Lim, and Josefa Llanes-Ecoda with an image of a Philippine eagle.

Pimentel also cited the instances of misspelling such as the misspelling of then-President Gloria Macapagal-Arroyo’s name and the scientific name of the Philippine Eagle.

The lawmaker said he is seeking an inquiry to determine the agencies or offices involved or consulted in the changing of coins and banknotes’ deigns; its cost to Filipino taxpayers; the problems encountered by the BSP when NDS was demonetized; the rationale behind the changes in the P1,000 banknote; and whether or not the new P1,000 polymer note is truly a “limited series” as the BSP announced the production of 500 million copies which is worth P500 billion.

“There is a need to inquire into the reason for the BSP’s rather arbitrary and hasty changes in our monetary design for the purpose of crafting legislation on this matter,” Pimentel said.—AOL, GMA News