Philippines reveals details about note production
20 07, 2011 08:52 Category: East and Southeast Asia
According to a press release issued by the Philippine Information Agency dated 20 July 2011, the new banknotes introduced by Bangko Sentral ng Pilipinas (BSP) on 16 December 2010 were printed by an undisclosed French firm (most likely Oberthur Technologies), but that upgrades to the Security Plant Complex in Quezon City were under way so that the notes could be printed locally.
Curiously, the press release indicates that BSP is apparently continuing to produce notes of the old design even after it has introduced the new designs. Perhaps this is because the need for currency in the Philippines is so great that the BSP can’t meet demand with only the new notes from France, or that it feels compelled to keep the local printers in business.
The press release indicates that the old designs will be phased out by 2012, and that they will be demonetized in 2013.
Curiously, the press release indicates that BSP is apparently continuing to produce notes of the old design even after it has introduced the new designs. Perhaps this is because the need for currency in the Philippines is so great that the BSP can’t meet demand with only the new notes from France, or that it feels compelled to keep the local printers in business.
The press release indicates that the old designs will be phased out by 2012, and that they will be demonetized in 2013.
