Chapter part 2 Flashcards
under what authority does BSP issue currency
pursuant to SEC 50 RA 7653,the BSP shall have the sole power and authority to issue currency within the territory of the Philippines
What does BSP issue
notes
coins
commemorative notes and coins
It delivers new bsp banknotes and coins
security plant complex
The annual volume or value of currency to be issued is projected by forecasting the currency demand for fresh notes and coins using
Linear regression forecasting method
It oversees the forecasting model for currency demand to ensure that currency issue is consistent with monetary policy and adequate to meet the demand for notes and coins
Currency management committee
Is there a limit to the amount of notes and coins that the bsp may issue
It shall not exceed the total assets of the bsp
It is vested with police authority to investigate make arrest and conduct searches and seizures in accordance with the law during the course of anti-counterfeiting operations
The investigation division, cash department
The bsp launch this giving higher financial rewards to persons who give information on counterfeiting activities leading to the arrest of suspects seizure or confiscation of counterfeit currencies and paraphernalia and the filing of appropriate charges in court to counterfeiters
Revised Reward System
It conducts information campaigns on familiarization of genuine philippine acceptable foreign currencies counterfeit detection and bsp advocacies in the clean note policy
The Currency Analysis and Redemption Division, Cash Department
In the coin design this is also a factor taken into consideration to boost coin acceptability
aesthetics
It is the difference between the face value of the coin and the cause of minting
seigniorage
Is the process of removing the monetary value of a legal tender currency through gradual process or operation of law
demonetization
It means that when the currency is offered in payment of a debt, public or private, the same must be accepted
legal tender power
Coins in denomination of 1, 5 and 10 peso shall be legal tender in amount not exceeding
1000
Coins in denomination of 1, 5 and 25 sentimo shall be legal tender in amount not exceeding
100
philippine coins
1 centimo
5
10
25
1 piso
5
10
new generations of philippine coins
1 sentimo
5
25
1 piso
5
10
20
who is in the 1 sentimo before
lapu lapu
who is in the 5 sentimo before
melchora aquino
who is in the 10 sentimo before
francisco baltazar
who is in the 25 sentimo before
juan luna
who is in the piso
jose rizal
who is in the 5 piso
emilio aguinaldo
who are in the 10 piso
apolinario mabini
andres bonifacio
who is in the 20 piso
manuel quezon
what are in the back of 1 sentimo to 20 piso
mangkono
kapal kapal baging
katmon
waling waling
tayabak
kapa kapa
nilad
if it is considered.. for circulation shall not be recirculated but may be presented for exchange to or deposited with any bank
unfit
if it is.. shall not ve recirculated nor deposited/exchanged, but may be presented or forwarded for determination of their redemption value to the cash department or the nearest bangko sentral regional office or branch
mutilated
bsp issues this to primarily as an educational tool to familiarize cash handlers of different centrak banks
specimen notes
