bangko sentral ng pilipinas
1. Why is BSP changing the design of money? We use money as a medium of exchange in everything we buy or sell. That's why some people are creating ways to make exact copies of money in order to do whatever they want. This is the main reason why BSP (Bangko Sentral ng Pilipinas) changing the design of the money regularly.
The central banks regularly change the designs of the money - whether coins or paper bill (banknotes) mainly because to make it safe from counterfeiters. By regularly changing the designs of the money, it will be very difficult and costly for counterfeiters to produce exact copies of our money and also we can protect the integrity of our currency against criminals.
2. How will BSP prevent the spread of counterfeit or fake money?
BSP prevent the spread of counterfeit or fake money by regularly changing the design of money. By upgrading the security features in all of our paper bills (banknotes), the BSP make it easier for the public to detect fake money from the real one, while at the same time making it nearly impossible and very expensive for counterfeiters to replicate our money. The BSP also mount a nationwide information campaign to educate our people on how to tell genuine banknotes from counterfeits.
3. What will happen to the existing currency in circulation?
The present banknotes will remain in circulation and will continue to be accepted as legal tender for at least three more years, it will be the start for the old banknotes demonetization will be announced and a transition period or changing of new banknote will be provided to the public. Based on previous currency retirement or demonetization program of the BSP, this will give enough time for the public to make a full transition to our new generation currency. A separate schedule will be followed for coins. Appropriate announcements will be released before and after the introduction of our new banknotes and coins to guide the public and ensure a smooth transition to our new
The central banks regularly change the designs of the money - whether coins or paper bill (banknotes) mainly because to make it safe from counterfeiters. By regularly changing the designs of the money, it will be very difficult and costly for counterfeiters to produce exact copies of our money and also we can protect the integrity of our currency against criminals.
2. How will BSP prevent the spread of counterfeit or fake money?
BSP prevent the spread of counterfeit or fake money by regularly changing the design of money. By upgrading the security features in all of our paper bills (banknotes), the BSP make it easier for the public to detect fake money from the real one, while at the same time making it nearly impossible and very expensive for counterfeiters to replicate our money. The BSP also mount a nationwide information campaign to educate our people on how to tell genuine banknotes from counterfeits.
3. What will happen to the existing currency in circulation?
The present banknotes will remain in circulation and will continue to be accepted as legal tender for at least three more years, it will be the start for the old banknotes demonetization will be announced and a transition period or changing of new banknote will be provided to the public. Based on previous currency retirement or demonetization program of the BSP, this will give enough time for the public to make a full transition to our new generation currency. A separate schedule will be followed for coins. Appropriate announcements will be released before and after the introduction of our new banknotes and coins to guide the public and ensure a smooth transition to our new