The Bangko Sentral ng Pilipinas (BSP) is planning to put more than 100 tons of uncirculated bills and coins into circulation should President Duterte agree, BSP Deputy Governor Rafael Contreras said on Wednesday.
Contreras said the board has already sent a letter of proposal to the Office of the President asking permission to use the money kept in BSP storage for more than 30 years.
“The government spent billions of pesos to print and mint this money. Should the President allow this to be put in circulation, the government could save more than 130 billion pesos. The BSP can also utilize the space in our storage area if this money is released”, Contreras said.
Contreras also added that the BSP has around 120 tons of uncirculated bills and another 215 tons of uncirculated coins. 90% of this money was printed during the time of former President Ferdinand Marcos with “Ang Bagong Lipunan” label.
Former President Corazon Aquino suspended the circulation of “Marcos Money” right after she became the president that’s why we have this bulk funds in our storage. The money is still in excellent condition and has not been circulated. Only circulated and returned bills were destroyed”, Contreras said.
Contreras also added that the bills printed during the Marcos era is far more durable compared to those that were printed under his successors.
“The plan is not to commemorate Marcos, but to use the money wisely and practically. Although the bills have Marco’s signatures, we believe people would understand as the bills were printed under his administration”, Contreras added. /Cathryn Oycoco/
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