Monday, December 20, 2010

Worse than Arrovo, New Philippine Bank Notes have more errors

The Inquirer points out the errors...

Geographically challenged Philippine maps and a rare parrot with the wrong-colored beak have perturbed the country after the Bangko Sentral ng Pilipinas (BSP) rolled out error-filled new editions of its peso bills.
The new banknotes, scheduled to be rolled out this month and containing the signature of President Benigno Aquino III who took office this year, bombed spectacularly in the graphics department, according to critics.
The reverse side of the new 500-peso bill features a rare native bird—the blue-naped parrot, with its red beak incorrectly rendered in yellow and its tail feathers underneath colored green instead of yellow.
A map on the same bill—which also carries portraits of Mr. Aquino’s late parents—mislocates Palawan’s Saint Paul’s subterranean river that has been designated a UNESCO world heritage site.

Image from

Image from

Blogger Lamang Lupa was the first to blow the lid off on the dubious BSP bidding for the production of the Philippine's new currency. 
Oberthur won the bidding for the printing of all six denominations
It posted a a bid of Euro 21, 371, 480 million (US$ 28.14 million). In pesos, this amounts to P1,257 billion 
With the winning bid of 21 million Euro, security experts predict that the total cost of the new currency to the country will be Euro100 million or US$140 million or P6.1 billion. This is because The BSP will need 3.5 billion pieces of the new banknotes over a three-year period.
Significantly, Oberthur is the same currency printer that made the hideous mistake of misspelling the name of President Gloria Macapagal- Arroyo in its printing of the Philippine 100-peso banknote. It misspelled her name as “ARROVO.”

As early as September this year, the Tiyanak blogger came out with a series of posts which described just how ridiculous the Bangko Sentral ng Pilipinas or the Philippine Central Bank is when it comes to producing the currency that we all use.
Delarue has been the subject of controversy and concern because of quality problems in the printing of banknotes. Its stock has fallen in the stock markets, and its CEO has resigned.
Most alarming, not a single banknote of the new cutrrency will be produced by the Security Printing Complex of the BSP, which was built at a cost of billions for the purpose of showing the sovereignty of the Philippines in the printing and minting of its money.
Because of BSP neglect in the upgrading of the SPC printing facilities and technology, the SPC will just be an onlooker while Oberthur makes billions from the printing of the nation’s money.
Who benefits from this appalling situation? Obviously the printers.
And those who have a vested interest in their business.
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