Luke Judge

The BSP Statement on the new Generation Philippine Banknotes

The Bangko Sentral ng Pilipinas welcomes all constructive comments and suggestions concerning our new Generation Philippine Banknotes.  we know that our people have been looking forward to the launching of our new banknotes. Afterall, this is our people’s money.

We also know that as in all major undertakings, there will be questions raised, as well as very specific recommendations on how it should be.

We take pride in our newly-designed banknotes that honor Filipinos who played significant roles at various moments of our nation’s history as well as the world heritage sites and iconic natural wonders we are proud of as Filipinos. 

On the matter of the map of the Philippines, our banknotes used an artist’s rendition or abstraction of the Philippine map that cannot be expected to reflect all of our islands and the precise coordinates of each site. The BSP’s intention is to indicate the general location of the world heritage sites and iconic natural wonders.

On the color of the blue naped parrot highlighted at the reverse of our 500-piso banknote, we are not able to fully reflect the true colors on account of printing limitations. While specialized machines for printing money can imprint security features on our banknotes, it has limited capability for printing colors, unlike machines used to print magazines and books. this is not an error therefore but a function of printing capability limitation. 

We wish to inform the public that we have been getting a lot of positive feedback regarding our new generation banknotes. International numismatist Doug Andrews who is a member of numismatic organizations in Canada, the US and the Philippines had this to say: “ I have just seen the new BSP notes, and they are WONDERFUL! Many people – myself included – were eagerly awaiting the release, and the wait was worth it. probably the media will focus on the beautiful Cory-Ninoy portraits, while numismatists like me will praise the Bank for incorporating many new, state-of-the-art security features. But the other observations I would make are that all the portraits have a unique three-dimensional appearance, and the use of a full-color coat of arms, the new BSP seal, and the outline map of the Philippines are distinctive. my sincere congratulations to your innovative and hard-working designers and engravers. The Bank and the nation can be proud of their new banknotes. that has a value beyond money.”

In the meantime, we want to give focus as well on the new and upgraded security features that we have incorporated on all our new generation banknotes to protect the public from counterfeiters and uphold the integrity of the Philippine banknotes. we shall give you an overview of these security features this afternoon.

Read Primer on the new Generation Currency

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The basics of currency trading isn’t hard to learn. This information will be helpful for you learn the forex market as you begin your career in trading. Forex or foreign exchange means the buying and selling of currency. The individual who buys and sells currencies is called a forex trader.

Another item that you should know in basics currency trading is the foreign exchange market. It is the largest market in the world. Trading happens here day in and day out. It functions 24 hours a day 5 days a week, except on holidays and weekends. The week starts at five in the afternoon Sunday Eastern Standard time until four in the afternoon Eastern Standard Time Friday.

Basics currency trading is really simple. The aim of the trader is to purchase something that is about to increase in value, then sells it at a higher price later to earn profit. Another way is to sell at a high price or rate now and buy it lower at later day. The two currencies that make up an exchange rate are referred to as currency pair. Here is a list of the currency codes used in the foreign exchange market:

CAD = Canadian Dollar

AUD = Australian Dollar

NZD = New Zealand Dollar

Most traded currency pair

USD/JPY = “Dollar Yen”

GBP/USD = “Cable” or “Sterling”

USD/CAD = “Dollar Canada”

AUD/USD = “Aussie Dollar”

The base currency is the one in the left while the one on the right side is call the counter currency. The exchange rate tells you how much you need to pay based on the counter currency to purchase one unit of the base currency.

There are terms in basics currency trading that you will see as you engage in forex trading. Here are some of the common terms and acronyms to keep in mind on basics currency trading.

Pip is the slow movement of a currency pair can make. It means price interest point.

Leverage is a margin deposit and the rest will be coming from your broker.

FCM means Future Commission Merchant or someone who is licensed by the U.S. Commodities Futures Trading Commission or CFTC to deal in future products and accepts monies from clients to trade them.

A dealing desk provides pricing, liquidity and execution of trades.

NDD or No Dealing Desk uses external liquidity providers to provide pricing and liquidity for its clients.

Spread is the difference between the sell and the buy quote.

There is much to learn and you must invest time in studying the forex trading market. You will need the knowledge as you engage yourself in transactions. It is always best to start with basics currency trading.

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