Koko wants production cost breakdown for P1,000 polymer bill

Sen. Aquilino Pimentel III is asking the Bangko Sentral ng Pilipinas (BSP) to present a detailed breakdown of the cost of producing the P1,000 polymer bills, which drew flak from the public over its perceived high-maintenance handling.

Pimentel made the request ahead of the looming Senate inquiry into the controversial issuance of the polymer banknotes, which he found impractical as well as a waste of taxpayers’ money.

“What is the cost? ... (Its issuance) should not have been like fait accompli, where the polymer notes just came out, remember we’ve spent for this and the supposed beneficiaries have many complaints,” he told radio station dzBB in Filipino recently.

“There’re too many rules, too many ‘don’ts’ that are unnatural,” he added.

Public disapproval became worse after the BSP laid down rules on how the bills should be maintained and handled that included a warning on prosecution in citing an old presidential decree, according to the senator.

Another headshaking statement of the BSP as public complaints continued to mount was its advice for the people to buy longer wallets so that the bills can be stored unfolded.

“Now, they’re saying we should bathe the bills, wipe them with cloth to keep them clean, so are they like pet animals?” Pimentel said.

He noted the BSP’s statement that the move to redesign the banknotes was copied from Australia and some countries in Europe.

“So let’s ask our friends or relatives in Australia or in Europe, ‘Do you clean your money every … or periodically like a pet animal?’ I’m sure the answer is no,” he said.

The senator lamented that the BSP was expending its time, resources and expertise on redesigning the country’s banknotes and coins when its primary mandate was containing inflation, supervising banks and strengthening the economy to create jobs.

“You concentrate your energy on fighting inflation, which is the main issue of the people now,” he said, adding that the BSP recently announced increasing interest rates by 75 basis points so it should explain to Filipinos how such a move could help instead of asking them to buy longer wallets.