Related Articles...
Featured Video
Adobe Flash Player not installed or older than 9.0.115!
We have 3,907 guests online
| Group behind redesigned peso bills ‘using’ P-Noy? |
 |
 |
 |
| Monday, 26 July 2010 17:58 |
|
IS President Benigno Aquino III aware that he is being used to make it appear that he has given the approval for the new design of the Philippine peso bills, likewise the outsource or having the initial printing outside the Philippines? Sources at the Bangko Sentral ng Pilipinas raised this question following reports that the President has been asked for his specimen signature by a certain group who has manipulated the redesigned peso bills. The same sources quoted BSP officials as having said that a higher bank authority has revealed that the Aquino family has approved the new design including the portraits of Sen. Ninoy Aquino and former Pres. Cory Aquino. It was not clear if the First Family is aware that the redesigned peso bills have questionable security features. Concerned sectors have expressed apprehension that the redesigning of the peso bills is a waste of taxpayers’ money since the project will adopt controversial security features. The New Generation Currency Project will use patented OVD Patch, anti-bacterial and other obsolete security features. The OVD Patch was selected by BSP Numcom even if it was studied as the most counterfeited security feature in Europe, even if it is expensive and will cost BSP to buy additional machine, very costly trials in order to apply. The Interpol has on record the high counterfeiting issues of the OVD Patch. It is very important to note that the banknote (currency) industry has described the new generation currency project of the BSP as outmoded and obsolete. The decision and selection made by other major countries who have launched their new generation currency were based on the latest, unique, and quantum leap security features. Some expert printers have advised BSP that the OVD Patch is difficult to apply. The experience of other major countries cost them huge monies, yet it appeared to be one of the most counterfeited security feature. Currently, the BSP printing plant and its people are not prepared and technically knowledgeable on the application of this security feature. But strangely, BSP Numcom chaired by DG Diwa Guinigundo is insisting on the use of questionable security features. Reports added that the use of an anti-bacterial component in the new peso bill will mean waste of money since BSP have not made a study on the proper testing of the anti bacterial and whether this anti bacterial have been tested to perform up to the life cycle of the banknotes. Recently published in several broadsheets, that the U.S. government unveiled a new design for the $100 note with the most advanced security features to combat counterfeiters. The security features selected by BSP Numcom were not heard in the presentation made by the U.S. Secret Service at the Hotel Intercontinental recently. The U.S. government mentioned that they have spent more than a decade of research and development to come up with a new US$100 that is highly protected from counterfeiting. Contrary to the test and research done by the U.S. government, the BSP will order/outsource the new generation currency outside the Philippines without the proper testing and trials of the security features selected. It’s extremely questionable for a multi million Euro project costing Euro 20,000,000 to “Buy first, Test later.” The BSP through the endorsement of the Monetary Board allegedly have submitted to the Office of the President the bank notized notes for approval of then President GMA even if they have not received the concurrence from the families of Osmeña, Roxas, and Aquino on the new look of the portraits of their parents in the new peso bills. Concerned sectors also expressed apprehension that the President might be tricked by the person handling the approval of the new peso design. A sample of a redesigned P1,000 bill showed the portrait was not changed, while the bill portraits of former presidents and heroes with lower denominations were made to look younger than the existing bill. |
Most Popular Articles
- Nadine confirm tension at ‘Endless Love’ set ( 359 views )
- Richard magnitized on Solenn's beauty ( 310 views )
- July 2010 Nursing Exam Results ( 208 views )
- I'm not jelous & telltale - Marian ( 199 views )
- Marian insecure to Bela ( 192 views )