Abaca fiber to stay on Philippine bills
Abaca farmers can now rest easy, as the Bangko Sentral ng Pilipinas has decided to keep using abaca fiber on Philippine notes. BSP said abaca fiber will stay as its Numismatic Committed decided to support the domestic abaca industry and dropped the plan to print new bank notes in polymer material.
Armando Suratos, Deputy Governor of BSP, said that 30% of the paper-based material of the current peso bills are strengthened by abaca fibers. “We decided to give the abaca industry a boost by reinforcing our peso bills with strong fiber.”
Suratos added that the Numismatic Committee have already approved a designed for the abaca-reinforced bank notes. He said, “It is undergoing refinement to make it available for printing.”
The Numismatic Committee is headed by BSP Governor Armando Tetangco Jr.
September 20, 2009
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Tags: abaca fiber, BSP, finance, money, Philippine notes · Posted in: Announcement, economy, finance, Government, money, Philippine business news, Philippines
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