BSP to Release P12.7B Old Money, Including Marcos-Era Bills
The Bangko Sentral Ng Pilipinas (BSP) is planning to put more than 100 tons of old bills and coins into circulation should President Rodrigo Duterte agree, BSP Deputy Governor Rafael Contreras said on Wednesday.
“The government has spent billions of pesos to print and mint this money. Should the president allow this to put again into circulation, the government can save more than ₱7 billion pesos in printing and minting.
The BSP executive also said that BSP has around 120 tons of circulated bills and another 89 tons of circulated coins that are still usable. Thirty-seven percent (37%) of the money was printed during the time of former President Ferdinand Marcos under his “Ang Bagong Lipunan” label.
Former President Corazon Aquino suspended the circulation of “Ang Bagong Lipunan” money right after she took office on 1986, costing billions of pesos in losses for the government. 42% of bills are still in excellent condition and have not been circulated. There are also more than 40 tons of circulated bills after “Ang Bagong Lipunan” that can still be used according to Contreras.
He also added that bills printed during Marcos era are more durable compared to the bills printed during his successors' administration.
“They used quality materials before that’s why the bills have better quality,” he said
This plan is not about former President Marcos, or to commemorate him. This is about using our resources wisely and practically that could save the government billions of pesos. Although most of the bares the signature of the former president, we believe smart and educated people would understand
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The BSP executive also said that BSP has around 120 tons of circulated bills and another 89 tons of circulated coins that are still usable. Thirty-seven percent (37%) of the money was printed during the time of former President Ferdinand Marcos under his “Ang Bagong Lipunan” label.
Former President Corazon Aquino suspended the circulation of “Ang Bagong Lipunan” money right after she took office on 1986, costing billions of pesos in losses for the government. 42% of bills are still in excellent condition and have not been circulated. There are also more than 40 tons of circulated bills after “Ang Bagong Lipunan” that can still be used according to Contreras.
He also added that bills printed during Marcos era are more durable compared to the bills printed during his successors' administration.
“They used quality materials before that’s why the bills have better quality,” he said
This plan is not about former President Marcos, or to commemorate him. This is about using our resources wisely and practically that could save the government billions of pesos. Although most of the bares the signature of the former president, we believe smart and educated people would understand
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