20-piso banknote remains legal tender — BSP

Maris Federez   •   September 28, 2021   •   1453

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has advised the public that the 20-Piso New Generation Currency (NGC) banknotes remain as legal tender and that it still can be used alongside the 20-Piso NGC coins for day-to-day transactions.

In a statement, the country’s central bank said that the 20-peso NGC banknotes, shall be gradually removed from circulation through natural attrition or until they become unfit for recirculation.

In relation to this, the BSP also recently issued an advisory to banks to promote the distribution, recirculation, and mobilization of the 20-peso coins.

The BSP released the new 20-peso NGC coin on 17 December 2019.

The bi-color 20-peso coin retains major elements of the 20-peso banknote. The obverse side of the coin features Manuel L. Quezon, while the reverse side shows the BSP logo, the Malacañan Palace, and the Nilad plant.

In a Facebook post, the BSP has warned the public of circulating messages that the 20-peso banknotes will be demonetized by the end of the year.

The BSP enjoins the public to properly use and recirculate Philippine coins for their economic and cultural value. —/mbmf

BSP pushes for stiffer laws vs fake bills

Robie de Guzman   •   January 28, 2022

 

The Bangko Sentral ng Pilipinas (BSP) is eyeing the implementation of tighter laws against coin hoarding and counterfeiting of Philippine currency.

In a statement, the BSP said it is preparing legislative proposals that “aim to raise the penalty of imprisonment for crimes involving currency counterfeiting” to deter the commission of this crime.

Under current laws, the counterfeiting of Philippine money carries a jail sentence of at least 12 years and a day, and a maximum fine of P2 million.

The proposal entails amendments to existing laws and will take into consideration the current economic landscape, as well as advancements in printing technologies.

To complement this, the BSP said it will also seek the enactment of a law that will define the crime of hoarding of coins and provide penalties for the commission of the said offense.

The central bank said its proposal to criminalize the unnecessary accumulation or hoarding of coins is part of efforts to strengthen currency operations and maintain the integrity of banknotes and coins.

This will involve the revival of earlier legislative initiatives on coin hoarding at the Senate and House of Representatives, it added.

“These proposed measures are expected to further strengthen BSP’s currency operations covering production, distribution, deposit-taking from banks, authenticity verification, anti-counterfeiting operations, and retirement,” said BSP Governor Benjamin Diokno.

“The BSP continues to work with stakeholders towards protecting the public against the unlawful or improper use of Philippine currency,” he added.

 

BSP reminds public to always check banknotes dispensed by ATMs

Robie de Guzman   •   January 25, 2022

The Bangko Sentral ng Pilipinas (BSP) on Tuesday reminded the public to regularly inspect the banknotes they receive to ensure their authenticity.

In an advisory, the BSP said the public should check the banknotes, even those dispensed by automated teller machines (ATM), through the “feel, look, tilt” approach to protect oneself against counterfeiting.

“Should a banknote dispensed by an ATM be suspected as a counterfeit, the holder is advised to immediately report it to the bank that owns the machine,” the central bank said.

“The bank will then conduct a thorough investigation to verify whether the banknote was indeed dispensed by the bank’s ATM,” it added.

If the holder’s claim is verified, the BSP said the bank should replace the banknote in question.

The BSP likewise assured the public that banks employ adequate risk management measures to deter such incidents.

“Aside from the installation of cameras at ATM areas, cash handlers and service providers tasked to refill ATMs are trained to detect counterfeit banknotes or verify their genuineness before placing them in ATMs,” the central bank said.

Under BSP Circular No. 829, Series of 2014, banks are required to submit suspicious banknotes to the BSP for further examination, the BSP said.

BSP launches PESONet multi-batch settlement

Robie de Guzman   •   January 24, 2022

The Bangko Sentral ng Pilipinas (BSP), with the Philippine Payments Management Inc. on Monday said it has launched Multiple Batch Settlement (MBS) facility of the PESONet electronic fund transfer service.

The BSP said the MBS facility, which went live on Monday morning, increases PESONet’s daily batch settlement to two cycles on a banking day.

PESONet used to have only one batch settlement of fund transfers at the end of the banking day, it added.

“This new feature enhances the user experience as it allows faster crediting of funds to the recipient’s account. PESONet MBS allows for better risk management for participating banks and electronic money issuers as settlement of transactions may be divided within two cycles in a banking day,” said BSP Governor Benjamin Diokno in a statement.

The morning and end of day settlement cycles of PESONet fund transfers also seek to address the demand of the business community for shorter clearing intervals, the central bank said.

“With PESONet MBS, businesses can manage their cashflows better. For example, a business can ensure timely crediting of payroll funds since PESONet MBS allows the transfer of funds and the receipt of the same by employees within the same banking day,” Diokno said.

“Since funds are made available earlier, PESONet MBS can cut production cycle time that boosts economic productivity,” he added.

With more frequent settlement cycles under PESONet MBS, person-to-government payments made via EGov Pay will also be improved.

EGov Pay is an online facility that allows citizens to pay taxes and other fees due to government institutions, including permits and fees.

“A growing volume of pension, social security benefits, and government aid have been disbursed digitally through PESONet. In 2021, the value of SSS disbursements coursed through PESONet reached P158.47 billion and there is room for further growth with the launch of these digital initiatives,” Diokno said.

Launched in November 2017, PESONet is the first automated clearing house under the National Retail Payment System, and can be considered as an electronic alternative to paper-based check payments, the BSP said.

 

REACH US

The Philippine Broadcast Hub

UNTV, 915 Barangay Philam,

EDSA, Quezon City M.M. 1104

(+632) 8396-8688 (Tel)

info@untv-newsandrescue.com (General inquiries)

ABOUT UNTV

UNTV is a major TV broadcast network with 24-hour programming. An Ultra High Frequency station with strong brand content that appeal to everyone, UNTV is one of the most trusted and successful Philippine networks that guarantees wholesome and quality viewing experience.