Bangko Sentral Ng Pilipinos Summary

For the past decades, the Filipinos used the peso bills launched on 1985 for economic purposes. However, a new drive to place new banknotes in the peso bills circulation has pushed the Central Bank of the Philippines (Bangko Sentral ng Pilipinas) to make an inapt move towards the said matter. The problem focuses on the immediate demonetization of the old banknotes in the year 2017. According to BSP, old banknotes will lose its monetary value and shall never be used in the market. As 2017 is fast approaching, there are various interrogations about this topic. Significantly, the new banknotes may offer us new and improved features but on the other hand, it still undergo several reviews that points issues which creates critical problems and serious
Probably the news, newspapers and other publicity materials do not contain any hints of this issue by now. The government is not organizing enough activities to let know about the subject and disseminate information. That is to say that it is not reasonable to engage in the decree in just a short one year time span. 2015 is about to finish but not all Filipinos are aware of what our currency will go through in the coming years. Surely, this will lead to confusion and misinterpretation of the
Certain errors on the contents printed on the new peso bills did not escape the eyes of critics. Disapprovals from taxonomists brim over time. This concerns the issue regarding the incorrect way of how scientific names are written and the improper color schemes that featured wildlife bears in the bills. Scientists had their say about the wrong way on how the scientific names are written. They defended that the scientific names on the new peso bills do not follow the rules in the scientific nomenclature. (Montenegro, 2010) states an example, in the new bills the tarsier’s scientific name is written as Tarsius Syrichta as a replacement for the correct way, Tarsius syrichta. There are two errors found. First is the italicization of the words and the second is its capitalization. Birders also pointed out the Blue-naped parrot printed on the 500 peso bill which bears the wrong colors. On an article, Dr. Chan (Montenegro, 2011) states that “a mistake made on a national currency comprised a very big mistake (Montenegro, 2011).” Montenegro concludes that BSP should check the things they input before printing it on our bills. Our peso bills reflect our nation’s value and the BSP should consider the opinions and comments about the new banknotes. Furthermore, even senators complained why the 100 and 1000 peso bills are very much alike. As to Pimentel, BSP should explain the reason did why they made