COA - Halos P6-B ang ginastos ng BSP para sa bagong polymer banknotes | Unang Balita - video Dailymotion

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00:00The Central Bank of the Philippines spent almost Php6 billion for the new polymer banknotes according to the Commission on Audit.

00:07The BSP said that even if it's expensive, the new banknotes are durable and hard to break.

00:13For Unang Balita, I'm Sandra Aguinaldo.

00:19The new 50, 100 and 500 pesos polymer banknotes have new design and security features.

00:27The Central Bank of the Philippines spent almost Php6 billion according to the Commission on Audit or COA.

00:35The BSP hired a few foreign companies in a separate contract in 2023 for the production of new polymer banknotes.

00:44We heard the BSP's reaction regarding the COA report but they haven't announced it yet.

00:49But the BSP said that even if the production of new banknotes is expensive, it's more durable so it's more worth it and they can use it for a longer period of time.

01:01It's also more secure due to the addition of security features so it's harder for them to copy.

01:06It is more expensive because the substrate is different. This is a plastic substrate that we have at the moment.

01:13We always say that in the long run, it is more cost-effective because it has a longer lifespan.

01:19The BSP also said that the 1,000-peso polymer bill in 2022 was a huge reduction in the production of money because it's hard to copy.

01:29In every 82 billion pieces of 1,000-peso polymer bill in circulation, only one was detected to be fake.

01:37According to old banknotes, one in every 19,000 is fake.

01:42The new polymer banknotes in circulation is limited to now and it is expected that the circulation will be wider in the first quarter of 2025.

01:51It's better to have this kind of money because it's not sad. It won't get old quickly.

01:55For example, someone paid you this much. What do you do?

01:59You just look at it and if it's dirty, you just wipe it. If it's wet, you just wipe it.

02:03Oh sorry, it fell. You just wipe it and put it in the trash.

02:09The only problem here is that when it's hot, it will really shrink. I think it has features that can't be copied.

02:17Romilin is not happy that the BSP spent almost 6 billion pesos on the new money.

02:25We should help people who are having a hard time spending.

02:28If you're having a hard time, you'll spend it for money. Then you'll have to replace it when the time comes.

02:34This is the first news. Sandra Aguinaldo for GMA Integrated News.

COA - Halos P6-B ang ginastos ng BSP para sa bagong polymer banknotes | Unang Balita

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