2014 BSP Annual Report
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Frequently Asked Questions Coins and Notes July 2020
Frequently Asked Questions Coins and Notes July 2020 A. Currency Issuance 1. Under what authority does the Bangko Sentral ng Pilipinas (BSP) issue currency? The BSP is the sole government institution mandated by law to issue notes and coins for circulation in the Philippines. In Particular, Section 50 of Republic Act (R.A) No. 7653, otherwise known as The New Central Bank Act, as amended by Republic Act No. 11211, stipulates that the BSP shall have the sole power and authority to issue currency within the territory of the Philippines. It also issues legal tender commemorative notes and coins. 2. How does the BSP determine the volume/value of notes and coins to be issued annually? The annual volume/value of currency to be issue is projected based on currency demand that is estimated from a set of economic indicators which generally measure the country’s economic activity. Other variables considered in estimating currency order include: required currency reserves, unfit notes for replacement, and beginning inventory balance. The total amount of banknotes and coins that the BSP may issue should not exceed the total assets of the BSP. 3. How is currency issued to the public? Based on forecast of currency demand, denominational order of banknotes and coins is submitted to the Currency Production Sub-Sector (CPSS) for production of banknotes and coins. The CPSS delivers new BSP banknotes and coins to the Cash Department (CD) and the Regional Operations Sub-Sector (ROSS). In turn, CD services withdrawals of notes and coins of banks in the regions through its 22 Regional Offices/Branches. -
26Th National Statistics Month
CALENDAR OF ACTIVITIES 26TH NSM THEME TRANSLATION "Pagyamanin at Gamitin ang Estadistika, Kalusugan para sa Lahat ay Abot-Kamay Na" Ang kalusugan ay susi upang mapagtagumpayan ang tinatamasang kaunlaran sa buong bansa. Sa katunayan, ang sektor ng kalusugan ay minamatyagan sa Millenium Development Goals (MDGs) at itinuturing na mahalagang sektor na kailangang pagyamanin katuwang ang pag-unlad ng isang bansa. Sa MDGs, bukod sa maibsan ang kahirapan ng bansa, ang pokus ay ang pagtataguyod ng kalusugan ng mga bata at mga ina pati na ang paglaban at pagsugpo sa sakit na HIV at AIDS, malaria at iba pa. Lalo’t higit ngayon, pinaghahandaan ng ating Philippine Statistical System (PSS) ang pagmomonitor sa panibagong Sustainable Development Goals (SDGs) na siyang kahalili ng MDGs. Sa panibagong SDGs na ito ay mas pinalawig ang mga isyung dapat bigyan ng pansin sa pamamagitan ng pagdaragdag ng layunin, kasunod ang pag- daragdag din naman ng bilang na target at bilang ng mga indikasyon sa pagmomoni- tor ng pag-usad ng mga layunin. Binibigyang-diin din ang ating pangangailan ng mga datos tungkol sa populasyon at kalusugan na dapat na bigyang halaga at gamitin sa paggawa ng polisiya at programa. Isa sa mga layunin ng Pangulong Benigno S. Aquino III sa kanyang panunungku- lan ang Kalusugan Para Sa Lahat o the Universal Health Care of the Aquino Health Agenda. Tungkulin nito na mabigyan ng kalidad at pantay na serbisyong pangka- lusugan ang lahat ng mamamayang Pilipino, mapa-mayaman man o mahirap. Para maisakatuparan ito, ipinapatupad ang malawakang pagsasaayos ng mga pampub- likong pagamutan pati na rin ng mga pasilidad hanggang sa malilit na mga himpilang pangkalusugan sa bansa. -
Money Attitudes and Behaviours of Women in the Philippine "Gawad
Copyright is owned by the Author of the thesis. Permission is given for a copy to be downloaded by an individual for the purpose of research and private study only. The thesis may not be reproduced elsewhere without the permission of the Author. Poverty Targeting: Money Attitudes and Behaviours of Women in the Philippine “Gawad Kalinga” (GK – Give Care) communities A thesis presented in partial fulfilment of the requirements for the degree of Master of Public Policy At Massey University, Auckland, New Zealand Gilda Arawiran – Ramirez 2011 ABSTRACT The reduction of high poverty incidence in the Philippines is a major governance objective. Poverty targeting is a strategy to identify the factors that will help the poor raise themselves from poverty. The money attitudes and behaviours of the women of the Philippine “Gawad Kalinga” showed aspects of their financial consciousness and awareness that requires, individual control and discipline, community support and policy intervention. The money attitudes and behaviours of the women in the visited communities were looked into to unveil the impact on poverty. The main research question is whether money attitudes and behaviours are poverty traps. The individual money capabilities were correlated to the workings and failures of the market and the institutions which are interconnected in the poverty problem. The research method was qualitative in nature. It was based on the interviews of 30 individuals, women residents and volunteers, of the Philippine “Gawad Kalinga” communities. The individual anecdotes disclosed opinions, attitudes, beliefs, sentiments, and emotions on their daily money struggles. The profile of the money attitudes and behaviours of the interviewees was used to determine the weaknesses that will entrap individuals in poverty. -
Within the Complex of the Bangko Sentral Ng
Within the complex of the Bangko Sentral ng Pilipinas, the nation's central monetary authority, resides a numismatist's haven - the Museo ng Bangko Sentral ng Pilipinas. Inaugurated on January 3, 1999, as part of the celebration of the 50 years of central banking in the Philippines, the Museo showcases the Bank's collection of currencies. As repository and custodian of the country's numismatic heritage, the Museo collects, studies and preserves coins, paper notes, medals, artifacts and monetary items found in the Philippines during its different historical periods. These collections have been placed on permanent display at the Museo. Designed to "walk" the visitor through a number of galleries, individually dedicated to a specific historical period of the country, the Museo visually narrates the development of the Philippine economy, parallel to the evolution of its currency. Complementary paintings from the BSP art collection, together with chosen artifacts, enhance each gallery. A panoramic memorabilia of 50 years of central banking in the Philippines, showcases the strides made in bringing about price stability, to sustain economic growth in the country. The exhibition hall also carries the busts of the governors of the Central Bank/ Bangko Sentral. Archaeological evidence indicates that small seafaring communities existed throughout the Philippine Archipelago for at least 2000 years, prior to the arrival of the Spaniards. The chief means of trading was barter. Records show that Chinese merchants came to the Philippines to trade porcelain, silk and metalware in exchange for gold, pearls, beeswax and medicinal plants, which the Philippines is naturally rich in. Excavations also unearthed gold ingots, known as piloncitos, the first recognized form of coinage in the country. -
The Bangko Sentral Ng Pilipinas' New Generation Currency Notes
The Bangko Sentral ng Pilipinas’ New Generation Currency Notes: Safeguarding the Integrity of the Philippine Currency Authors Maja Gratia L. Malic is a licensed Chemical Engineer who started her career in public service as a Laboratory Technician at the Currency Analysis and Redemption Division (CARD), Cash Department. At present, she is the Manager of CARD and a member of the Technical Staff of the BSP Numismatic Committee. She has been part of the team behind the New Generation Currency (NGC) Project. Nenette E. Malabrigo is a licensed Chemical Engineer and currently a Bank Officer II Bangko Sentral Review 2010 Sentral Review Bangko at the CARD, Cash Department. She is an expert practitioner and seasoned lecturer of currency counterfeit detection. Her employment in CARD honed her skills in counterfeit currency detection of both local and foreign currencies. 18 25 I. Motivation When the Bangko Sentral ng Pilipinas (BSP) announced the is- suance of the New Generation Currency (NGC) in 2010, it was met with mixed reactions ranging from excitement, skepticism, resistance, and even criticisms on the designs. Notwithstanding these reactions, a common issue that emerges is the rationale for releasing the NGC banknotes. The old “family” of design series called New Design Series (NDS) has been in circulation for the last quarter of a century. Over the years, there have been important developments in the banknote and printing industry that need to be incorporated in the Philippine currency series. Thus, the BSP decided to launch a successor NGC program, taking into consideration the principles of currency integrity, social relevance, efficiency, unified theme, and aesthetics. -
Demonetization of Philippine Old Banknote Series
A message from the Bangko Sentral ng Pilipinas 1 What is demonetization? Demonetization is the process of removing the monetary value of a legal tender currency by the issuing authority. Demonetized currency will no longer be accepted to pay for goods and services. 2 Common reasons why central banks demonetize their currency Prevention of Change in type/form of counterfeiting Benchmarking with other countries government Reduction to only 1 design series Change in type of currencies used for countries with 2 or more design within the country as part of political/ money caused by hyper- series of notes in circulation, for social reform 3 Why does BSP need to demonetize? ," Currencies in the world are demonetized because this is one way of safeguarding the integrity of the currency to protect it against counterfeiters. As a matter of practice, central banks around the world change the design of their currencies that have been in circulation for over 10 years. ," In the case of the Philippines, the old banknote series, introduced in 1985 or 30 years ago, is being replaced by the New Generation Currency (NGC) series which was launched in 2010. 4 What is the basis of the BSP for the demonetization of the old banknote series? What are the old banknote series to be demonetized? The New Design Series (NDS) Banknotes Year Year Issued Issued 2001 1987 1991 1987 2001 1986 1987 1997 2002 1985 2001 1985 6 The Old Banknote Series The New Design Series (NDS) Banknotes Features of the old banknote series that distinguishes it from our new banknote series: t Launched in 1985 tZFBSTJODJSDVMBUJPO t'FBUVSFTUIFPME#41MPHP tEFOPNJOBUJPOT , , , , BOEQJTP t4FDVSJUZUISFBEJTUIJOOFS t4FSJBMOVNCFSJTDPNQPTFEPGPSQSFýYMFUUFSTBOEUPEJHJUTXIJDIBSF OLD BSP LOGO VOJGPSNJOTJ[F (1993-2010) t5IFSFWFSTFTJEFPGUIFPMEOPUFTGFBUVSFTTJHOJýDBOUFWFOUTJO1IJMJQQJOFIJTUPSZ JDPOJDCVJMEJOHTBOEIFSJUBHFTJUFT 7 When did the BSP start the Demonetization process of the old banknotes series? JANUARY Under Monetary Board Resolution No. -
BSP AR 2010 with ERM Inputs
C O N T E N T S The Governor’s Foreword Introduction About the BSP Our Vision and Mission The Monetary Board The Management Team List of Acronyms, Abbreviations and Symbols Part One: The Philippine Economy Domestic Economy 1 Aggregate Output and Demand 1 Labor, Employment and Wages 3 Prices 4 Operations of the National Government 5 Box Article 1: Development of Chain-Type Measures of GDP and Price Indices in the Philippines 7 Monetary and Financial Conditions 9 Monetary Conditions 9 Monetary Aggregates 9 Interest Rates 10 Exchange Rates 12 Box Article 2: Coping with Surges in Capital Flows: The Philippine Case 17 Financial Conditions 21 Performance of the Banking System 21 Stock Market Developments 27 Debt Securities Market Developments 31 Credit Risk Assessment 35 External Sector 38 Balance of Payments 38 International Reserves 42 External Debt 43 Part Two: The Operation s and Policies of the BSP Monetary Stability 47 Financial System Stability 48 Box Article 3: Implications of the Global Financial Regulatory Reforms for Monetary and Financial Stability 53 Payments and Settlements System 57 Key Operations of the BSP 59 Loans and Credit 59 Asset Management 61 International Reserves Management 63 International Operations 64 Notes and Securities Printing 65 Mint and Refinery 66 Currency Issuance and Retirement 67 Economic Research, Statistical and Information Dissemination Activities 68 Box Article 4: Reserve Accumulation in the Philippines 76 Supervisory Research Activities 79 Branch Operations 81 Advocacy Programs 82 i Institutional Building 89 Major BSP Infrastructure Projects 100 International Economic Cooperation 101 Part Three: Financial Condition of the BSP BSP Balance Sheet 111 BSP Net Income 112 List of Statistical Tables 113 ii The Governor’s Foreword The Philippine economy emerged from the global economic turmoil with a solid performance in 2010. -
The Evolution of Philippine Banknote and Coinage Glorybeth C. Castillo
The Evolution of Philippine Banknote and Coinage Glorybeth C. Castillo A Glimpse to the Philippine History The Philippines is a country with a very rich history and diverse culture in which it can be seen its banknotes and coinage. The evolution of the Philippine banknotes and coinage could tell a story of what has happened in the past. Before banknotes and coinage were used as a medium of exchange to purchase goods, Filipinos use the barter system in trading products. The pre-colonial times gave birth to the use of coins made of gold, silver and etc. Banknotes started when the first commercial bank of the Philippines, El Banco Espanol Filipino de Isabel 2A, issued the denominations of 10, 25, 50 and 200- pesos fuertres (strong peso) on May 1, 1852. These denominations were in circulation until 1896 were the Philippines is under Spanish colonization. When the Filipinos fought against the Spaniards, the first Philippine Republic or the Revolutionary Period was established. Emilio Aguinaldo, the president of the first republic of the Philippines ordered the issuance of 1,2,5,10,25, 50 and 100-peso denominations but only the 1- and 5-peso denominations were printed and circulated in some areas by the end part of the short-lived economy. In 1908 (American Period), the El Banco Espanol Filipino printed banknotes with Spanish text. The American period was followed by the Japanese regime were Filipinos describe the fiat peso banknotes as “Mickey Mouse Money”. The first denominations that the Japanese issue to the Philippine government are 1cents, 5cents, 10cents, 50cents, 1 peso, 5 pesos and 10 pesos in year 1942 and the problem on hyperinflation in 1944 has forced the Japanese to print 100, 500 and 1000 pesos banknotes. -
Learn Philippine History Through Coins and Bills Posted at 12:09 Pm June 18, 2010 by Anna Valmero
Learn Philippine history through coins and bills Posted at 12:09 pm June 18, 2010 By Anna Valmero MAKATI CITY, METRO MANILA – Aside from allowing us to buy our basic needs and sometimes, reward ourselves with our wants, money can be a good way to learn about Philippine history. Heroes and national symbols have figured prominently in peso coins, while most of the bills or banknotes we use today have images of the country’s past presidents. But did you know that the design of the Philippine money, as we know it today, was a product of a long history of design changes? Early accounts of pre-Hispanic trade relations between the Philippines and China listed gold, wax, cotton, small shells, dye-wood, carabao horns, and metal bells as accepted forms of money. The Yellow Money Cowry, a kind of shell, served as a medium of exchange among Filipinos in terms of trading goods. Then three centuries ago, Filipinos used piloncitos or gold beads as coins with stamps of Ma from the Filipino alphabet alibata. After 1521, the Filipinos used hilis kalamay, or the local popular term for macuquinas, irregularly shaped coins hammered in Mexico that bore the seals of Spanish rulers such as Charles II, Philip IV and Philip V. Later, the barilla – made from crude bronze or copper – also reached the country through the galleon trade. During the revolutionary period, the Philippine republic under Gen. Emilio Aguinaldo, the Filipinos minted their own coins and printed their own paper currency in one- and five-peso denominations. The notes were printed as Republika Filipina Papel Moneda de Un Peso Y Cinco Pesos, which looked similar to ticket stubs we have today. -
9Coloredca Journal XV No. 2
The Court of Appeals Journal M A Volume XV, No. 2 Manila, Philippines April– July 2015 N I L A “Retirement is a reward for a lifetime of hard work. Retirement may “Do not go where the path may lead, go instead where there is no be an ending, a closing, but it is also a new beginning." path and leave a trail .” These words of Ralph Waldo Emer- -Catherine Pulsifer son are more or less akin to Robert Frost's line that “ of two roads leading to Last June 11, 2015, the Court of the woods, I choose the road less traveled by Appeals honored one of its esteemed for it makes the big difference. ” These Justices, Justice Hakim S. Abdulwahid would best describe Justice Dicdican's on the occasion of his retirement, philosophy in life. A non-conformist, after twelve (12) long years of pro- he marched to the beat of a different ductive service. drum and willingly explored the un- known. After all, for him, risks also Justice Abdulwahid was born in Talisay, Sibutu, present great opportunities for rewarding outcomes. Along Tawi-Tawi, on June 12, 1945. On March 27, 1981, he with hard work and perseverance, he believes that they married Naida Edding Abdulwahid of Zamboanga del would result in big accomplishments that are well-worth CEBU Norte, with whom he has four (4) daughters, namely, the sacrifices. Zahra, Shahana, Entezar and Benazir. He was recently blessed with a grandson, Mohammad Yusuf Basman, a.k.a The success of Justice Dicdican did not happen “Kimmy Boy”. -
History of Philippine Money
History of Philippine Money Philippine money–multi-colored threads woven into the fabric of our social, political and economic life. From its early bead-like form to the paper notes and coins that we know today, our money has been a constant reminder of our journey through centuries as a people relating with one another and with other peoples of the world. Pre-Hispanic Era Trade among the early Filipinos and with traders from the neighboring islands was conducted through barter. The inconvenience of barter later led to the use of some objects as medium of exchange. Gold, which was plentiful in many parts of the islands, invariably found its way into these objects that included the piloncitos, small bead-likeb gold bits considered by the local numismatists as the earliest coin of the ancient Filipinos, and gold barter rings. Spanish Era (1521-1897) Three hundred years of Spanish rule left many indelible imprints on Philippine numismatics. At the end of the Spanish regime, Philippine money was a multiplicity of currencies that included Mexican pesos, Alfonsino pesos and copper coins of other currencies. The cobs or macuquinas of colonial mints were the earliest coins brought in by the galleons from Mexico and other Spanish colonies. The silver dos mundos or pillar dollar is considered one of the world’s most beautiful coins. The barilla, a crude bronze or copper coin worth about one centavo, was the first coin struck in the country. Coins from other Spanish colonies also reached the Philippines and were counterstamped. Gold coins with the portrait of Queen Isabela were minted in Manila. -
Sibika at Kultura / Heograpiya, Kasaysayan at Sibika
Sibika at Kultura/Heograpiya, Kasaysayan at Sibika Teaching Guide on Financial Literacy Copyright Notice. Section 176.1 of Republic Act No. 82 93, or the Intellectual Property Code of the Philippines, provides: “No copyright shall subsist in any work of the Government of the Philippines. However, prior approval of the government agency or office wherein the work is created shall be necessary for exploitation of such work for profit.” This teaching guide on financial literacy was prepared by the Curriculum Development Division, Bureau of Elementary Education, Department of Education under the auspices of the Bangko Sentral ng Pilipinas. Published by Bangko Sentral ng Pilipinas Produced and Distributed by: Corporate Affairs Office Printed in the Philippines ISBN 978-971-94085-2-9 Bangko Sentral ng Pilipinas Mabini cor. P. Ocampo Sts., Malate 1004 Manila Philippines http://www.bsp.gov.ph MESSAGE I extend my deepest appreciation to the Bangko Sentral ng Pilipinas and its partners for entrusting to the Department of Education the task of integrating in the elementary curriculum lessons on financial literacy. Indeed, there is a need to instill among our school children the values of pagkamasinop, pagkamatipid and pagkakaisa, and to help them develop the habit of pag-iimpok and proper money management as a means to ensure their good future. Likewise, at an early age, our school children should acquire the values of pagkamaabilidad or pagkamalikhain and skills in pag-eentreprenur so that they can be productive citizens of the country. To make certain that all these relevant values and lessons on financial literacy are covered, the DepEd’s Curriculum Development Division of the Bureau of Elementary Education has integrated them in three learning areas: Edukasyong Pagpapakatao, Sibika at Kultura I – III and Heograpiya, Kasaysayan at Sibika IV – VI and Edukasyong Pantahanan at Pangkabuhayan.