Urgently Needed: A Change in BSP Policies

(Reposted from Lamang Lupa)

Tuesday, August 3, 2010 at 1:08pm

• BSP should postpone the issue of the New Generation series until the new banknotes can be produced locally by the SPC.

• BSP should limit the importation of finished notes from foreign printers to exceptional "overspill" requirements, which is the practice of most nations.

• BSP should purchase up-to-date equipment for the secure production of the Philippine Peso in the Philippines.

• BSP to increase the efficiency and productivity at the SPC and to reduce waste by using modern equipment equivalent to the installations in comparable state-owned printing plants throughout the world.

• BSP should carefully review its relationship with De La Rue, which is currently having problems meeting quality printing standards and has suffered a 19%-drop in its stock price. De La Rue designed the new generation notes for free, in the hope of monopolizing the printing of them.

• BSP should carefully prepare the design, production and phased roll-out of the New Generation series of banknotes, so that it will serve the nation well for the next 10 to 20 years. Special attention must be paid to

1. the selection of design and images that properly reflect our national identity;

2. the specification of appropriate security features (anti-counterfeiting); and

3. the issuing process, so as to avoid possible mistakes (such as the imported "Arrovo" banknotes of 2005)