Everything you've wanted to know about RP politics, but were afraid to ask.

The curious case of our legal tender

Posted by akosistella on March 19, 2010

Outsourcing the printing of our legal tender costs the BSP, and therefore, the people of the Republic, a lot. At say, fifty US cents apiece, 900 million pieces translates into 450 million dollars, or about 20.7 billion pesos per annum. Recently, the Bank announced that it intends to demonetize our present banknotes and re-design the Philippine currency with new banknote sketches, including one where both slain democracy martyr Benigno “Ninoy” Aquino Jr. and his widow, people power icon Corazon C. Aquino, first President of the Fourth Republic, will be featured together. The Bank says these notes should be ready by November 2010, and some 702 million pieces of these new banknotes will be initially released.


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