President Ferdinand R. Marcos Jr. on Wednesday praised the Bangko Sentral ng Pilipinas (BSP) for presenting Philippine banknotes bearing his signature and new coin series with the BSP logo, as he vowed to spend government money on programs and projects that benefit all Filipinos.
“Be assured that it is the policy of this administration, to ensure that every peso and every centavo that the government spends in its programs and projects will be to the benefit of all Filipinos,” President Marcos said in his remarks during the presentation of banknotes in Malacañang.
“So I convey my full support to all of our BSP officials and their employees. I also have complete confidence in your capability, competence, and integrity,” the chief executive said.
The President also called on the BSP and other concerned agencies to further intensify their efforts against counterfeiting and other illegal activities, ensure price stability, enrich banking reforms, and sharpen strategies to guarantee that public interest remains at the heart of the government’s priorities.
President Marcos encouraged government agencies and the Filipino people to innovate and come up with sustainable and smart solutions that will uplift lives and lessen the burden on the people.
The chief executive also rallied for unity to improve the safety and efficiency of the Philippine financial system and make it an instrument of progress, benefitting ordinary Filipinos.
According to the President, the issuance of the new polymer banknote is “smarter, cleaner, stronger,” which, he said, serves as a response to the pressing public health and safety concerns due to the pandemic.
It also promotes environmental sustainability and celebrates the country’s rich natural and national heritage, he said.
The new banknotes are more durable, hygienic and cost-effective and have distinct designs and security features consistent with the principles of currency integrity, social relevance, efficiency, aesthetics, as well as having a unified theme.
BSP’s innovative endeavor is also consistent with the administration’s policy to promote sustainability by using environment-friendly production resulting in smaller carbon footprint and lower water and energy usage, Marcos noted.
The President echoed calls to raise more awareness on the proper handling of polymer banknotes as he looks forward to wider traction and adoption as the country transitions to using the new polymer currency.