BSP forms Siquijor Bankers’ Club, presents Polymer banknotes

SIQUIJOR, Siquijor, May 20 (PIA) -- The Bangko Sentral ng Pilipinas (BSP) formed on May 20 the Siquijor Bankers’ Club following the election of officers during its maiden meeting for 2022.

The meeting was spearheaded by the team from BSP’s Office of the General Counsel and Legal Services (OGCLS) led by Atty. Elmore Capule, senior assistant governor and general counsel.

Capule, who shared about the recently-enacted Financial Consumer Protection (FCP) Act and other BSP initiated or supported legislations, also inducted into office the Siquijor Bankers’ Club.

The new set of officers are, namely: Land Bank of the Philippines (LBP) Siquijor Branch Manager Judith Franco as the President; Philippine National Bank Branch Manager Ma. Emily Zamora, Vice-President; BDO Network Bank Branch Head Rhenny Rose Gom-os, Secretary; BPI Banko Head Reynante Quilicot, Treasurer; and Development Bank of the Philippines (DBP) Branch Head Deo Michael Angelo Olasiman, Public Relations Officer.

Meanwhile, BSP Dumaguete Cash Operations Division Head Josefina Resurreccion announced the release of the Polymer version of P1,000 bills which she said are smoother, cleaner and stronger.

She said Polymer notes are hygienic and sanitary, and are less susceptible to viral and bacterial transmission due to their smooth and non-absorptive surfaces compared to abaca and cotton old notes.

They can be sanitized with less risk of being damaged, Resurreccion added.

They are also sustainable and environment-friendly as they have smaller carbon footprint and their production requires less water, energy, and other resources.

Polymer banknotes can withstand extreme temperatures and are water and dirt-resistant, which makes them suitable for tropical countries like the Philippines.

The most important feature, Resurreccion said, is that Polymer banknotes are more secure as they are difficult to replicate or counterfeit.

The meeting also discussed the issues and challenges commonly faced by the Siquijor Bankers such as emergency withdrawals and other currency requirements given the limited trips to and from the island. (RAC/PIA7 Siquijor)

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