Tag Archives: banks

Your Money Will Have No Value in 2017

Exchange your old bank notes with the New Generation Currency (NGC), the Bangko Sentral ng Pilipinas (BSP) has constantly reminded the public [see Design Highlights of the Philippine New Generation Currency, Primer on the New Generation Philippine Currency: Banknotes and Coins, and Security Features of the Philippine New Generation Currency]. Soon, the old paper money — interestingly called the New Design Series or NDS — will have absolutely no value, will not be accepted as payment for all transactions, and CANNOT be exchanged with the New Generation Currency. The  date to remember: 1 January 2017. So, check if you’re still holding the old paper money. The central bank reminder: Continue reading

Design Highlights of the Philippine New Generation Currency

As noted in the primer on the New Generation Currency, Philippine banknotes contain design elements that pay tribute to Filipinos who played significant roles at various moments of our nation’s history. World heritage sites and iconic natural wonders of the Philippines are also proudly highlighted. These are the design highlights for each of the banknotes, reproduced from the documents issued by the central Bangko Sentral ng Pilipinas:

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Primer on the New Generation Philippine Currency: Banknotes and Coins

To introduce the new set of Philippine currency notes and coins, the Philippine central bank, the Bangko Sentral ng Pilipinas (BSP), released a primer on the New Generation Currency (NGC) Program of the Philippines. We are reproducing the primer in full to disseminate the information and for easy reference of the public.

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What’s this Legal Animal Called AMLA?

The public is glued to their TV sets, following the blow-by-blow coverage of the impeachment proceedings against Chief Justice Renato Corona in the Senate. The proceedings being legal in nature, new terms and concepts are being thrown around like pancakes. Recently, it’s the AMLA. Continue reading

Receivership of Export and Industry Bank (EIB)

The Banko Sentral ng Pilipinas (BSP) announced that the Monetary Board, through MB Board Resolution No. 686 dated 26 April 2012, placed the Export and Industry Bank, Inc. (EIB) under receivership on 26 April 2012. Continue reading

What would you do as a Credit Card Company?

There seems to be a consensus that certain practices of some credit card collection agencies go beyond what is fair and reasonable, something which is officially recognized when no less than the Bangko Sentral ng Pilipinas issued the rules prohibiting certain unfair collection practices. For a change of perspective, put yourself into the shoes of credit card companies and ask yourself what would you do under the following circumstances: Continue reading

Credit Cards and Unfair Collection Practices

There are a number of good reasons in favor of having and using a credit card. It’s like owning a gun – it’s really a matter of how you use it. I know, not because I own a gun, but because I’ve handled an international credit card institution for years. Continue reading

Cash price vs. credit card price

In an Administrative Order recently issued by the Department of Trade and Industry (DTI), stores are now prohibited from imposing any extra charges, on top of the cash price, for purchases of consumer goods or services using credit card, automated teller machine (ATM) cards and debit cards. In other words, stores cannot impose any extra charges on top of the cash price for purchases of goods or services paid via credit card. Violators face a penalty of imprisonment of up to six months. This is provided in Department Order No. 10 (series of 2006), which takes effect 15 days from publication. (See also: Credit cards – How to Stay Ahead of Runaway Credit Card Debt)

Security Features of the Philippine New Generation Currency

The New Generation Currency (NGC) series of banknotes contain a number of design highlights and security feature. As noted in the primer on the NGC, there are four levels of security. Level 1 security features can be easily recognized by the public without use of special instrument. These are the “look, feel, tilt” elements in the notes such as watermark, security thread, security fibers and others.

[See also Design Highlights of the Philippine New Generation Currency, and Your Money Will Have No Value in 2017]]

These are the Level 1 security features of the New Generation Currency banknotes, reproduced from documents from Bangko Sentral ng Pilipinas:

1. Embossed prints

Raised prints that feel rough to the touch, i.e., the words REPUBLIKA NG PILIPINAS and DALAWAMPUNG PISO, portrait, signatures, value panels on the face of the note.

2. Serial number

Composed of 1 or 2 prefix letters and 6 or 7 asymmetric (increasing in size) digits located at the lower left and upper right corners of the face of the note.

3. Security fibers

Red and blue, visible fibers embedded on the paper at random and glow in two colors under the ultraviolet light.

4. Watermark

A shadow image of the portrait and the denominational value (20, 50, 100, 200, 500, 1,000) seen at the blank space on the note when viewed against the light from either side of the note.

5. See-through mark

The word “PILIPINO” written in Babaylan (pre-Spanish Philippine writing system) is seen in complete form when the note is viewed against the light.

6. Concealed value

The denominational value which is superimposed on the smaller version portrait at the upper left side of the note. The value becomes obvious when the note is rotated 45 degrees and tilted down.

7. Security thread

An embedded thread running vertically across the note which is visible from either side of the note when viewed against the light.