Monday, December 20, 2010

Bangko Sentral says ‘no errors’ in new banknotes

Business World
Tuesday, December 21, 2010 | MANILA, PHILIPPINES

THE CENTRAL BANK does not see the need to recall "new generation" peso bills unveiled last week despite critics claiming that the banknotes are error-filled.

"There are no errors in our money," Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa C. Guinigundo told a briefing yesterday.

"We don’t have to recall these banknotes ... We did not fumble."

Critics have pointed out that wrong colors were used for the blue-naped parrot featured on the new 500-peso bill and that the locations of landmarks were way off.

Mr. Guinigundo, however, said the exact colors of the parrot -- a red beak instead of yellow and yellow tail instead of green -- could not be followed due to printing limitations.

With the wrong locations claim extending to the charge that the representation of the Philippines used is also inaccurate, he said: "The map is not an army navigational tool."

"Our banknotes used an artist’s rendition or abstraction of the Philippine map that cannot be expected to reflect all our islands and precise coordinates of each site," he added.

New 20-peso bills were released yesterday, he said, with all 45 million pieces of the new banknote series to be received by the BSP by yearend.

A remaining 655 million pieces will arrive by March or April next year.

No comments: