By Freden S. Delgado
Faculty, CapSU Mambusao
Faculty, CapSU Mambusao
The Bangko Sentral ng Pilipinas (BSP) Roxas Branch conducted briefing on the New Generation Currency (NGC) Coin Series at CapSU Mambusao, Aug. 9.
Ms. Ma. Karenz Odchigue, BSP Roxas senior research specialist, gave lecture on various topics pertaining to this government agency that is authorized to make money.
According to Odchigue, one advocacy of the BSP is the clean note policy pursuant to Presidential Decree No. 247 signed by President Ferdinand Marcos on July 18, 1973.
PD no. 247 states that “it shall be unlawful for any person to willfully deface, mutilate, tear, burn or destroy, in any manner whatsoever, currency notes and coins issued by the Central Bank of the Philippines.”
Writing on money, tearing, crumpling, stapling, defacing, staining of BSP notes, deformation of coins, and other acts of destroying money are prohibited and are punishable by law.
PD no. 247 further asserts that “any person who shall violate this Decree shall, upon conviction, be punished by a fine of not more than twenty thousand pesos and/or by imprisonment of not more than five years.”
In order that the faculty and students would not become victims of counterfeit money, Odchigue shared some tips on how to examine banknotes.
One is checking the texture of the money. Genuine money is generally rough. Philippine peso bill is made up of 80% cotton and 20% Philippine abaca.
Another security feature of the peso bill is the presence of watermark. This can be seen by putting the money against the light. If the image matches the visible image in the bill, then it is genuine.
Looking at the serial number is another way of determining the authenticity of the money. One has to make sure that the serial numbers in the upper right corner and lower left corner are identical.
Knowledge of the security thread can help check the authenticity of money. Php20 and Php50 have a 2mm wide black thread while Php100, Php200, Php500 and Php1,000 have 4mm thread. Php500 and Php1,000 have also the presence of the color patch that changes in color when money is tilted.
With the circulation of the New Generation Currency Coin Series which began in March 2018, except 5-peso coin which was released in December 2017, Odchigue enlightened the audience with these new coins.
According to her, the old coins were replaced because the new coins are partners of the new banknotes. Furthermore, the replacement of notes and coins is in compliance with the law.
All the NGC coins have the same metal content unlike the old coins. This is the reason why they have the same color which is “metallic silver.”
The NGC coins are made of nickel-plated steel. According to research, as mentioned by Odchigue, it is durable material.
With regards to the design, at the back of the coins are flowers endemic to the Philippines. This is consistent with the design of the New Generation banknotes which highlights the Philippine fauna or animals.
In addition to her lecture, Odchigue mentioned about the feasibility study that is going on regarding the conversion of the 20-peso bill into a coin. According to her, Php20 bills are frequently used resulting to wear and tear. Also, a coin has a longer lifespan than a paper.
An open forum then followed the lecture of Odchigue. Students raised different questions which were all addressed by the speaker.
Having observed that the design of the NGC coins is confusing, one student asked who determines the design of the coins.
“A Numismatic Committee decides on the design including the image that appears on the coin. The design is submitted to the BSP board members and then to the President for his approval,” Odchigue said.
Addressing those who keep coins for a longer period of time in piggy banks rather than in real banks, she encouraged them to use their coins before they get scarce.
Finally, Odchigue appealed to the students not to take for granted the coins especially the lower-denominated.