The E-Sylum:  Volume 11, Number 4, January 27, 2008, Article 35

ARTICLE DISCUSSES COINS AND BANKNOTES OF THE PHILLIPINES

[An article published this week in the Manila Standard
discusses Philippine banknotes and currency laws.  -Editor]

Numismatists (people who collect currency and bank notes)
are agog over an announcement that in commemoration of the
centennial of the University of the Philippines, our P100
banknotes will soon carry an image of the Oblation. The
Oblation, which is a sculpture of a man with face up and
arms stretched-wide symbolizing selfless offering of one’s
self in the service of the country, will be overprinted
on the P100 banknote.

Exactly where in the banknote the Oblation will appear is
still a well-kept secret, but it is something to look
forward to as it’s been quite sometime since our country
commemorated a national event through our banknotes.

Also recently, my friends and I got into a little tiff
with certain establishments over banknotes. Because we
work with a bank, we are familiar with certain policy
guidelines related to banknotes. It is disappointing to
note that even major establishments, such as those in SM
malls, don’t teach their cashiers basic information on
handling Philippine banknotes.

Our first tiff happened with a cashier of a restaurant who
gave us old and worn-out banknotes as change when she had
new notes in her register. This practice of keeping in
circulation old, worn-out, smelly notes is something that
truly does not make sense because the central bank is obligated
to do it. In fact, it encourages people to return old banknotes
so that these can be replaced with new, cleaner, crisper notes.

The standard protocol in major establishments should be to
collect and keep old notes, rather than circulate these, so
that these can be deposited at their bank at the end of the
day. Their bank, in turn, is expected to deposit these old
notes at the Bangko Sentral. The central bank then keeps
these for disposal. The standard procedure should be this:
Use old and worn-out notes to pay for purchases and receive
new notes as change. Cashiers should keep old notes and not
circulate these anymore. Those who don’t are simply lazy
or ignorant.

To read the complete article, see:
Full Story

  Wayne Homren, Editor

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