New Philippine Peso Bills Will Not Help The Economy!!Do You Agree??

new philippine peso bill - are you in favor of the new philippine peso bill??
Philippines
January 18, 2011 11:36pm CST
The Philippine government has decided to change the money.I just don't know the real purpose of changing the current bill.This will not help to improve our economy.The money that should be spent on making those new bills should be spent on other important things such as funds for poverty and funds for out of school youth.what is your point of view on this.does it happen in other country?are you in favor of changing your bill?what are your actions?share your insights..
3 people like this
15 responses
@Lance26 (957)
• Philippines
19 Jan 11
If we are looking for a direct impact of the newly launched Philippine Banknotes to our economy, well we can't just conclude yet. All I can see now is that the producers of counterfeit money will be eradicated. Personally, I don't see anything wrong with the intention of the government to change the old money into something new, good designs with more security features and also showcases our rich culture. Some of the features are embossed prints, embedded security fibers, security thread and water mark. With these features one can really tell the difference of the fake to the real ones without using any Counterfeit Money Detector. In the end, ordinary people like me will benefit more as I will worry no more if the money given to me isn't fake.
• Philippines
19 Jan 11
you have a brilliant response.but even though we change the money,the old money is still existing and we can still use it on our daily shoppings.we do not know and the government haven't annouce yet when it will be face out.so there will be still counterfeit,it will only be stop until the old money is no longer accepted in the market..anyway, your point of view and response is good.keep it up dude!
@Lance26 (957)
• Philippines
19 Jan 11
That's right, so better start now than later to avoid such problems. I do understand your point, in fact when I first heard the news I shared same sentiments. However, upon seeing those new notes in the net my views changed. I don't know but somehow inspired me and lifted my spirits to believe this will bring a good and positive change to our economy.
1 person likes this
• Philippines
19 Jan 11
i really hope that this new peso bill will add up to the number of investors in our country.but the government should look also with corrupyt officials. investors might also hesitate to invest with us,if we do have this kind of officials.
@irene66 (1671)
• Philippines
19 Jan 11
I think people behind this changes wants to have some "kick backs" because they cannot do it with other projects. hehehe No of course. . They might only want to be noticed by the citizens of the Philippines because of its controversial features. I like the money of United States. It is the only money with God's name in it I believe which makes sense.
• Philippines
19 Jan 11
we really can not justify the reason for the change of money.i just woke up one morning and informed me about the new bill.i don't know if i would be excited or not seeing the money.i don't see in any point that it will help us in our falling economy.this time ey have place the beautiful spots at the back of the bill.maybe they want to develop the tourism.i really hope thatit will help.our country belings to the top 10 poorest countries.the government should not focus on this.we will not be rich if money will be change.
• Philippines
19 Jan 11
Hello Irene, I don't know about that but I do think the bills are rather too old to be considered new since it's been changed since the last decade. I think it's time that such bills need to be renewed. But I do like the arroyo or edsa II being taken out of the context, that's one thing I am glad they have change. I do think our country needs a new attraction to the foreign land.
• Philippines
24 Jan 11
hi irene i am getting your point.before we focus on making new bills,we have to focus first on the very important thing.money can wait.we can still make solutions to the sydicates who make fake bills.there might be a help in the tourism,but not too much.if crimes and corruptions still continue to happen in our country,other nationalities will still not invest. they are afraid that their businesses will be affected by the crimes happening in the country.
• Philippines
19 Jan 11
To prevent the syndicate in making a counterfeit of our money, it is okay for the BSP to changed our money. But changing the money should not be done yearly or regularly. Also changing our money can help in the growth of our economy. Since there is a new money, counterfeiting it will be hard for some years. And during this time, the confidence of the investor may rise. As a result there will be more investors willing to invest in our country.
1 person likes this
• Philippines
19 Jan 11
you have a point on that,but what about the old bills that we have right now.they are still existing.and the government has not announce yet when it will be face out.son sydicate can still create fake bills. the government should think about that before they created the new bill.they should have also conducted a survey if the nation or the people agree on the creation of the new bills.
• Philippines
24 Jan 11
yes right now it is still existing. But as per my experience, whenever the BSP create a new money, there are about 6 months before the current bill become totally unusable
1 person likes this
• Philippines
24 Jan 11
"whenever the BSP create a new money, there are about 6 months before the current bill become totally unusable".that is what i am trying to point out,for six months,sydicates can still create a lot of fake bills.when the government decided on changing the money,they should have think about this instance.but still i'm looking forward that the making and issuance of the new bills will be successful.happy mylotting!!
• Philippines
19 Jan 11
Security-wise, it will help the economy one way or another by preventing syndicates that counterfeits money on a loose. I don't think there's "kick-backs" in this changes. Changes like these are signs of progress.
1 person likes this
• Philippines
19 Jan 11
we can treat this as a sign of progress.but as what i am always saying even in my previous response,what about the old bills,they are still existing.the government has not declared yet that it is already face out.the syndicate can still make fake money if is still existing.
1 person likes this
• Philippines
20 Jan 11
The government cannot "phase-out" these bills overnight. The phasing out will be gradual. Let us be reminded that these are money. They are used in our everyday-to-day life. It is a means to transact businesses. At least they have done something in the name of progress and change. Anyways, if they didn't do these "changes" now, when will they do it? And if they do this "changes" in the near future or some more years after, it will be a topic of discussion still.
• Philippines
19 Jan 11
Hello Rberon, There is a BIG reason why they need to change the setting. and for one thing i agreed on is that Forfeiters will have a hard time Counterfeiting this New design. they were a lot of things added in this new bill so that it will not be duplicated unlike the old ones which had already have fake counter parts and it's giving a HUGE negative impact on the economy. The bills before were also different and they change it too to avoid counterfeiting.I believe in my heart that THESE are one of the most important things that they did. it's bad for business if old bills can be merge with the fake ones. and i have seen people when i was working OJT in a bank complained about fake ones, at least twice a week.
1 person likes this
• Philippines
19 Jan 11
That is a brilliant idea.adding a lot of things in the bill is really good point and it will be easily imitated.you have a point in saying that it has a huge impact in the economy because we will lose a lot of investors not only investors in our country but investors outside the country. but all this things should be done not this time,we are like a falling star right now aand do not know where we should fall.the government should work on poverty and calamity first instead of this.we can do something about the fake moneys that is being issued.they can make a law against this case.a lot of money will be spent in making new bills.i hope you understand my stand.
@louievill (17147)
• Philippines
20 Jan 11
If there is one good benefit from it , it would be numismatists like me, another good excuse to collect errors and odd serial numbers, besides setting aside good specimen of the older design that came out last Christmas
@louievill (17147)
• Philippines
19 Jan 11
I think the change was done to improve security features like an upgrade against counterfeiting , one thing I like with the new bill is the heroes look handsomer and younger, maybe they also like to remove scenes that are no longer relevant like the EDSA II on the 200 peso bill, some would also argue that it promotes tourism, but I do not really agree with that. Some of us might not agree but what else can we do, it's already out
• Philippines
19 Jan 11
Hi Louievill, I think it's normal that we change our bills from one decade to other, most specially if the criminals were able to duplicate at least every single bill we had. but the problem is coins. some believed it can be duplicate, i always look at my coins but i can't see the differenceand refused to accept coins that are already crooked or ruined i like the new bills. they are good for me, i like it when it's new.
• Philippines
19 Jan 11
Nine out of ten people who saw the new money reacted on the younger look of the person in the bill.who decided on that?.anyway,it's cute.but the main issue here why they decided to change the money?is it really for security reason?i haven't read any response in the discussion with different reason.it is all for security reason.i am not against with the change of bill.but it should be done on the right time.happy mylotting!!
@JOIEMARVIC (2342)
• Philippines
20 Jan 11
Fake peso bills are proliferating all around the nation. I guess changing the design of our Peso is one of the ways the government has decided to do to put a stop to faking our currency. Additional security features have been added to this new set of currencies. Though there are issues that there are still loop holes in this security features that the government is trying to fix. Though the money spent for producing this bills could have been used for the poor and the needy,sometimes change is inevitable. I guess the current government regime wants to completely eliminate any trace of the past administration, changing the currency is just one of their steps in doing so.
1 person likes this
• Philippines
20 Jan 11
from the first responder up to you,all of you has just provided one reason why there was a change in our bill.and that is for security reason.actually, i am not against all the ideas that all of you has given.probably,this was the reason given by the government.i don't have almost have the time to watch the news that is why i really don't know what happen,but for me,with my own opinion,they should not focus on this.they should have look into the needs of the citizens.this case can be solve without big money involve.
• Philippines
20 Jan 11
We are entitled to our own opinion and I believed it's but time as well to redesign our peso bills and give a new look with our currency. Yes, it's for security reasons, but apart from this, it's also a way of introducing changes in our system and in our economy. Change we need, change we must. Let's not put the blame always with all happenings, can't we be proud and be glad as well that the present government is doing its efforts and advocacy to fight counterfeiting, corruption and political instabilities. Go for change, go for peace.
• Philippines
20 Jan 11
Actually,i am not against for what has the government has done.i just felt that the changes are very untimely.they should have done this when the economy is totally up.they should have focus on things that will really help the nation.they should have give more attention on health benefits,poverty and calamities which are our basic problems in the country. the government did not think that old money can still be imitated by syndicates since it is not yet phase out.until it is still existing,sydicate will still create fake bills.
• Philippines
19 Jan 11
On one hand its a positive step in terms of combating counterfeiting. But the cost as well as the economic consequences of introducing new prints of currency is equally problematic. It will help the economy but we cannot be certain if its benefits will be outweighed by its harms.
1 person likes this
• Philippines
20 Jan 11
Actually,there are advantages and disadvantages in making the new bill.Let me start with the advantages.number of investors might be doubled because of this new bill.they will no longer worry of the money to imitated because it is just new and with this new money it can already be detected if it fake or not.It can also help in improving the tourism in our country because at the back of the bill are our beautiful spots in our country. On the other hand,since the old money is not yet phase out and the government has not declared yet when it will still be use,the sydicates can still create old money.they can still do the counterfeiting if the old money is still existing.the government should have thought about this before making the money.they should have focus first on the poverty,health benefits and calamity in the country.
@visavis (5945)
• Philippines
19 Jan 11
Hello friend, Actually that is the trend in our country if new administration new faces of money. Did you noticed that? So don't be surprised it is normal and for me never help in the economy may be there is small percentage to tourism. A trend because the previous administration is not coalition with present administration. If you can see it is wasting money instead of other priorities... see you around
• Philippines
19 Jan 11
i did not notice that this is a trend in our country.for the past two administration there was no changes in the pso bill.i can say that it was added by a new ten peso coin and new 10 peso bill with three heroes but not total change.
@jpso138 (7844)
• Philippines
19 Jan 11
In so far as the economy is concern, it does not matter whether the bill is new or not. Its more of just adding security features so that counterfeit money can easily be detected. From time to time, the central bank has to make new bills, considering that old bills that are no longer fit for circulation should be replaced. So whether its a new design or not, the economy is not really affected.
1 person likes this
• Philippines
19 Jan 11
in this manner,my point is that the old money is still existing.the government haven't declared yet that we can no longer use the old money.so fake money can still be made by counterfeiters.if they are already decided for the security,they should have declared that old money can no longer be use. the creation of new peso bills should be put into poverty or in calamity.we are experiencing a lot of calamity nowadays.
@rsa101 (13337)
• Philippines
19 Jan 11
I really do not think that changging the design of the bill will have any impact on the economy at all. I guess from time to time we need to overhaul the bill for security reasons since when a bill design has been there for too long it is prone for counterfeiting so CB always is doing some revision in the design and security features. I think it is a necessary expenditure that our government should take to be able to make the value of our currency at par.
1 person likes this
• Philippines
19 Jan 11
you are correct,we do not have to overhaul current bill that we have right now.it is just a waste of money.the government should focus on the most important things,such as poverty and to the corrupt officials of our country.in this case,the country will be more develop and more organize.we will get more investors if we do have peaceful life in the country.people especially vendors should be careful with counterfiet.it is easy solve cases like that rather than poverty and corruption.
@syoti20 (5296)
• Philippines
26 Jan 11
It may not help our economy but it can lessen the duplication of money laundry problem.
@louie847 (351)
• Philippines
21 Jan 11
On my opinion, i do agree for changing the old peso bill to new ones. Because at some point, its been awhile that it has been changed. With the upcoming new bills, I just hope people would treat it nice and take care of it and not just misuse or over use because one way or another our currency represents the people and our country.
@mimiang (3777)
• Philippines
19 Jan 11
Creative Filipinos - This is one of the Filipino products
If the people are not working hard and keep on depending on others to survive, nothing will happen to their lives.Individual's hard work will strengthen our economy