Money and Security Plant Complex Essay Sample
The first paper money circulated in the Philippines. Pesos Fuertes. were issued in 1852 by El Banco Espanol Filipino de Isabel II. the first bank established in the state. The bill. “Strong Pesos” in English. had denominations of 5. 10. 25. 50 and 100.
The American governments issued silver certifications series dated 1903 to 1918. so subsequently replaced these with exchequer certifications. The release of the Philippines in 1944 gave rise to the Victory notes Series No. 66. wherein the word “Victory” was overprinted on the new exchequer certifications. Finally. these Victory Notes were overprinted with Central Bank of the Philippines to denote its constitution in 1949.
El Banco Espanol-Filipino De Isabel II. renamed Bank of the Philippine Islands ( BPI ) . and the Philippine National Bank ( PNB ) were authorized to publish bills during the American epoch. from 1908 to 1933 for the former and 1916 to 1937 for the later. Republic Act No. 211 dated 1 June 1948 ordered the backdown of the PNB notes from circulation.
Between 1941 and 1945. the Nipponese Occupation forces printed 1000000s of paper measures of several denominatons to replace US- Philippine currency. The notes. as fiat money. had no back up militias. therefore. Filipinos dubbed dot “Mickey Mouse” money since it was following to worthless. During the worst rising prices in the Filipino history. Filipinos would travel to the market laden with “bayongs” ( native woven bags ) OF “Mickey Mouse” measures since one duck egg cost 75 pesos. and a box of lucifers more than 100 pesos.
Guerrilla Notes or Resistance currencies were issued by different states and. in some cases. municipalities through their local currency boards to demo opposition against the Nipponese business. Most guerrilla notes were in low denominations since they were needed for mundane circulation.
The creative activity of the Central Bank of the Philippines in 1949 paved the manner for the issue of bills and coins of the English. Pilipino. and Ang Bagong Lipunan ( ABL or the New Society ) series. In 1978. the Central Bank’s Security Plant Complex with installations. minting and gold refinery was established. The New Design Series for bills. and the Flora and Fauna and Improved Flora and Fauna series for coins were later issued.
Established in 1993. the Banko Sentral ng Pilipinas issued the BSP series integrating the new seal of the cardinal pecuniary authorization and enhanced security characteristics. The BSP’s Security Plant Complex produces the undermentioned currencies in current circulation. 1000. 500. 200. 100. 50. and 20 peso bills and 10. 5. and 1 peso and 25. 10. 5 and 1 sentimo coins.
