WEEK 2-3

• The New Central Bank Act


  it stipulates that the BSP shall have the sole power and authority to issue currency within the territory of the Philippines
• The New Central Bank


  It also issues legal tender commemorative notes and coins.
• Monetary Board


  approves the volume/value of notes and coins to be issues annually, upon the recommendation of the Currency Management Committee (CUMC?
• Currency Management Committee (CUMC)


  its recommendation is based on a forecasting methodology approved by the MB.
• Currency


  is issued by the BSP to the public through Universal, Commercial, Specialized Government, Thrift and Rural Banks with Demand Deposit Account at the BSP.
• Legal Tender Power


  derives from the explicit recognition by law on its use in the settlement of financial obligations within a specific jurisdiction.
• Section 50 of RA 7653, as amended by RA 11211


  All notes and coins issued by the BSP are fully guaranteed by the Government of the Republic of the Philippines.
• Demonetization


  process of removing the monetary value of legal tender currency by the issuing authority.
• The New Design Series


  issued in 1985 until 2015, was the most recent banknote series demonetized by the BSP and whose exchange period ended on 29 December 2017.
• The recent enhancement of NGC banknotes was intended to incorporate latest available anti counterfeiting technology and improve the visual and tactile differentiation of each denomination.
• The 20-piso banknote, is more cost-efficient in the long run since coins last longer than the banknotes
• The BSP undertakes a regular review of the design and security features of the Philippine currency. It implements policies and programs such as Clean Note and Coin Policy and Coin Recirculation Program, aimed at preserving the integrity of the currency.
• The public is advised to exchange or deposit unfit banknotes and coins with any bank.
• The public is advised to present mutilated banknotes and coins to any bank which will subsequently forward these banknotes and coins to BSP for analysis and determination of redemption value.
• Sanitizing notes and coins by soaking them in water, soap/detergent, alcohol, bleach, and other disinfectants may be considered acts of mutilation and are punishable by a fine of not more than Php 20,000 or imprisonment of not more than five years.
• Security Thread


  - shows movements of design and color when viewed at different angles.

  - features indigenous weave design and bears the alphanumeric denominational value and "BSP" text in repeated series.

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• Optical Variable Ink


  The embossed "1000" denominational value at the lower right corner of the face of the note changes color from green to magenta when viewed in different angles.
• Tactile Marks


  to assist the elderly and visually impaired in the identification of banknote value of denomination, pairs of short horizontal lines are printed in intaglio at the extreme right and left sides of the note.
• Enhanced Value Panel


  the value panel at the upper left corner of the 1000-piso and 500-piso banknotes has been enhanced by adding a rolling-bar effect when titled from left to right, and vice versa.