Tag Archives: BSP

Electronic Clearing of Checks in the Philippines Starts January 2017

[The Bangko Sentral ng Pilipinas (BSP) has approved the implementation of the electronic clearing of checks, starting January 2017. This will speed up the clearing of checks from 3 to 5 banking days, down to 1 day. Issuers must consider the faster clearing of checks to avoid bouncing checks. To assist in the dissemination of this information, we are reproducing the media release of the BSP.] Continue reading

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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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

BSP Circular 374, series of 2003 (Implementing Sec. 13 of R.A. 9178)

CIRCULAR NO. 374

Series of 2003

Pursuant to Monetary Board Resolution No. 284 dated 27 February 2003, the implementing rules and regulations of Section 9 and the second Paragraph of Section 13 of R.A. No. 9178, otherwise known as the “Barangay Micro Business Enterprises (BMBEs) Act of 2002” are hereby issued as follows: Continue reading

BSP Warns against Pawnshop Malpractices

We received another email inquiring what to do when the item pawned could no longer be returned because, according to the pawnshop or sanglaan, the item was lost due to robbery. Incidentally, the Bangko Sentral ng Pilipinas (BSP) issued the following media release, warning the public against certain malpractices committed by pawnshops or sanglaan. According to the BSP, “in view of numerous complaints brought to the attention of the Bangko Sentral ng Pilipinas (BSP), the public, particularly the pawners, are warned to take the following precautions:”

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Boiler Room Schemes: What is it and How to Spot One

We’ve discussed some scams that have victimized, and will probably victimize more, of our fellow Filipinos, even non-Filipinos. These scams include Ponzi and pyramiding schemes, various internet scams, and different variations of Nigerian scams. It appears that certain scams are evolving, while new scams are created with each passing day. Just today, we received this email from Brian: Continue reading

BSP Circular No. 454, Series of 2004 (Full Text)

CIRCULAR NO. 454

Series of 2004

Pursuant to Monetary Board Resolution Nos. 1278 and 1328 dated 09 September 2004 and 16 September 2004, respectively, Circular No. 398, Series of 2003 governing the credit card operations of banks and subsidiary credit card companies is hereby amended as follows: Continue reading

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.