BSP warns public against sale of ‘brilliant uncirculated’ P20 coins

Marje Pelayo   •   October 7, 2020   •   390

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) on Wednesday (October 7) warned the public against online sellers advertising Brilliant Uncirculated 20-Piso coins for sale.

In an advisory, the agency said that it has not issued such coin series and the only P20-coin of legal tender is the 20-Piso New Generation Currency (NGC) that was released to the public beginning December 2019. 

As of end-August 2020, 2.09 million pieces of 20-Piso NGC coins amounting to PHP41.85 million are in circulation, the agency noted.

These 20-Piso NGC coins are the only ones that may be used as payment for goods and services at face value.

The BSP reminds the public to beware of online sellers advertising Brilliant Uncirculated 20-Piso coins for sale.

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BSP’s Diokno shows sample of National ID card

Robie de Guzman   •   November 6, 2020

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) on Friday said its ready to produce the cards for the national identification system.

BSP Governor Benjamin Diokno issued the statement as the central bank printed samples of the ID card and showed a glimpse of it in an image he posted on his Twitter account.

“Finally, the BSP is ready to print the #NationalID. We inspected the machines that will print the IDs this morning. The machines have the capacity to print 154,000 cards per day,” Diokno said in his tweet.

The central bank has been tasked to print the ID cards. It signed a memorandum of agreement with the Philippine Statistics Authority to produce blank cards for IDs under the Philippine Identification System (PhilSys).

Under the agreement, the BSP shall produce 116 million cards over a period of three years. The cards, which are non-transferable, will be issued to all Philippine citizens and for resident aliens registered under the PhilSys.

The printing of the ID cards will cost a total of P3.4 billion out of the total cost of P30 billion of the PhilSys project.

The card will become the official proof of identity for each Filipino and is seen to eliminate the need for providing two government IDs when transacting with companies or financial institutions.

It will contain the PhilSys number of each person, his or her name, facial image, sex, address, date of birth, and blood type. It will also contain information such as fingerprints.

“The national ID system has been decades in the making. We look forward to bringing it to the Filipino people to promote financial inclusion and digitalization,” Diokno said.

The PSA has already started the process of registration for the first 9 million low-income households in 32 provinces.

The registration for residents in Metro Manila and other areas will start next year.

The PSA earlier said the registration is voluntary but they would recommend for Filipinos to go through the process as the national ID can help expedite the delivery of government services and assistance to poor families.

The PSA is looking to complete the registration and issue the national ID before the end of President Rodrigo Duterte’s term in 2022.

LIST: Banks extend waiver of PESONet, InstaPay fees to Dec. 31

Marje Pelayo   •   October 1, 2020

MANILA, Philippines — A number of banks on Wednesday (September 30) announced that they will extend the waiver of fees for PESONet and InstaPay transactions to December 31.

Bangko Sentral Governor Benjamin Diokno was grateful for the banks’ decision as more businesses are adopting a cashless policy in an effort to protect public health amid the COVID-19 pandemic.

The Philippine Payments Management, Inc. (PPMI) is a group of BSP-supervised financial institutions (BSFIs) that aims to establish a inter-operable retail payment systems in the country.

Included in the list are major banks such as the Philippine National Bank, Land Bank of the Philippines, Rizal Commercial Banking Corporation and Security Bank among others.

The BSP also advised that PayMaya, GCash and Bank of Tokyo-Mitsubishi, Ltd. (MUFG Bank) will waive fees until October 31.

BSP issues guidelines for 60-day grace period for loan payments under Bayanihan 2

Aileen Cerrudo   •   September 30, 2020

Banks cannot charge late payment penalties and other fees due to the mandatory 60-day grace period under the Bayanihan to Recover as One Act, according to the Bangko Sentral ng Pilipinas (BSP).

BSP Governor Benjamin Diokno said this covers loans under Government Service Insurance System (GSIS), Social Security System (SSS), and Pag-IBIG Fund.

Iyong mandatory one-time 60-day grace period ay automatic na kailangan bigay ng mga BSP-supervised financial institutions at saka ng mga ibang lending institutions katulad ng SSS, GSIS at saka iba pa (The mandatory one-time 60-day grace period should be automatically granted by the BSP-supervised financial institutions and other lending institutions such as the SSS, GSIS, and others),” he said.

The grace period covers salary loans, personal loans, commercial loans, housing loans, motor vehicle loans, amortizations, financial lease payment and premium payment, and credit card payment that has a due date from September 15 until December 31, 2020. -AAC (with reports from Vincent Arboleda)

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