Showing posts with label #BankoSentralNgPilipinas. Show all posts
Showing posts with label #BankoSentralNgPilipinas. Show all posts

Tuesday, December 14, 2021

P1,000 bill not a history book


“Money is my military, each dollar a soldier. I never send my money into battle unprepared and undefended. I send it to conquer and take currency prisoner and bring it back to me.”

Kevin O'Leary

 

By Alex P. Vidal

 

HERE we go again. 

Much ado about nothing amid the pandemic?

Instead of giving priority to helping each other enlighten family members, friends, neighbors about the need to urgently inoculate and ward off the Emicron Variant in the fastest and most practical means, some of us have become fixated on the rather mundane and complex issues that can’t even save a single life if COVID-19 will further unleash its wrath in 2022.

Everyone now wants to join the fray in putting in the guillotine the heads of those responsible for removing the portraits of the three Filipino World War II heroes from the design of the new Philippine banknotes and replacing them with the Philippine eagle.

While we are trying to wiggle out from the deadly pandemic, why can’t we just leave the matter on which image or images should be printed on the P1,000 bill to the Bangko Sentral ng Pilipinas (BSP) and the National Historical Institute? 

We have experts and artists tasked to tackle this issue while our health authorities prioritize the vaccination.

 

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The entire hullabaloo that started when Bayan Muna partylist Rep. Carlos Isagani Zarate questioned the removal from the P1,000 bill of Filipino heroes Chief Justice Jose Abad Santos, Brig. Gen. Vicente Lim and Girl Scouts of the Philippines founder Josefa Llanes Escoda, who were killed during the Japanese occupation in the Philippines, has become a national frenzy.

There’s no logic in making a mountain out of a molehill about the banknotes images. 

Peso bills aren’t history books. We don’t forget our war heroes if they are removed from any currency or social being. 

We know, recognize and are proud of them even during our elementary days because we were taught to honor and pay tribute to their heroism as kids. 

There are many ways to remember and place them in the portals of history aside from the P1,000 bill.

The Americans own the world’s strongest banknotes and economy but don’t give a damn if their dollar bills don’t print war heroes—except  former presidents and some economists who contributed in the growth and expansion of federal banking and economic system.

United States currency notes now in production bear the following portraits: George Washington on the $1 bill, Thomas Jefferson on the $2 bill, Abraham Lincoln on the $5 bill, Alexander Hamilton on the $10 bill, Andrew Jackson on the $20 bill, Ulysses S. Grant on the $50 bill, and Benjamin Franklin on the $100 bill.

 

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Although there are facts about US money that will make us jaw drop, Americans don’t quarrel or debate on national TV about the need to retain or replace the 13 symbols composed of 13 arrows, 13 olive branch leaves, 13 olive fruits, 13 stars above the eagle, 13 steps of the pyramid, and 13 bars on the shield of their one dollar bill. 

Both the “annuit cœptis” and “e pluribus unum” have 13 letters. 

And Americans don’t run berserk and protest about these strange facts as long as their economy is exciting and life is good in general.

If there is a valid issue to be addressed, it’s the correction of what the congressman described as the “glaring errors” in the bill’s new design where the scientific name of the Philippine eagle was misspelled as Pithecophaga “jefforyi” instead of Pithecophaga “jefferyi.”

To dispute and debate non-stop on national TV whether the three images of the war heroes should be retained and the Philippine eagle be removed can be a waste of time at this crucial moment when the pandemic has continued to pose a serious threat to the national survival economically.

(The author, who is now based in New York City, used to be the editor of two dailies in Iloilo.—Ed)

 

 

Sunday, August 25, 2019

A real embarrassment

“An unjust law is itself a species of violence. Arrest for its breach is more so.” 
--Mahatma Gandhi

By Alex P. Vidal


NOT all those arrested by the police and paraded for a mug shot should be ashamed for the rest of their life.
A person can be arrested for murder he committed by protecting his family or for self defense. 

He may be worried for his safety, but may not feel any shame for what he did.
A newsman can be arrested for libel after exposing the truth about graft and corruption and abused of authority and power committed by government, police, and military officials.
He may feel inconvenience, but he may not be ashamed even if manacled and locked behind bars.
A person can be arrested for sedition or rebellion because of his political views; and he may be tormented by the thought of having to spend a long jail term, but, history shows none of those accused of such offense ever showed signs of shame when presented in public.
But if a person is arrested for estafa or any wrongdoing related to financial matters and dishonesty, he will always feel an iota of shame in one way or the other.
Being arrested, however, does not necessarily mean a person is guilty of committing a crime.
The arrest is only a procedure in a criminal case where the accused is presented in court for proper disposition of his case; and the judge will determine whether he can post a bail.

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Which brought us to the case of former foreign affairs secretary Perfecto “Jun” Yasay Jr., who was arrested by the Manila Police District (MPD) cops on Thursday afternoon, August 22.
The former chairman of the Central Philippine University (CPU) in Jaro, Iloilo City was ordered arrested on March 8 by Manila Regional Trial Court Branch 8 for "several violations" of the New Central Bank Act in relation to a case filed against him by the Bangko Sentral ng Pilipinas (BSP).
The Ilonggo former candidate for senator and vice president immediately questioned “this abuse of process and travesty of justice" in a Facebook post.
The arrest shocked those who knew Yasay as a public servant and former chairman of the Securities and Exchange Commission (SEC); he had a sterling record in public service and almost immaculate prior to the report of his arrest.
He is, of course, presumed innocent until proven otherwise. Many of his admirers, especially his fellow Ilonggos, believe he can wiggle out from this trouble. They believe in his innocence.
But the arrest definitely was a real embarrassment for Yasay, his family and supporters since he, along with 5 "associates," police said, were accused of "conspiring and aiding each other" in securing a P350-million loan from the shuttered Banco Filipino Savings and Mortgage Bank while they were officers from 2001 to 2009.

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The loan was allegedly accommodated for a certain company called Tierrasud Incorporated, which is owned by Tropical Land Corporation.
The report said: "When the loan was granted, all accused failed to report such loan accommodation to the supervision of BSP, and despite of report of examination addressed to all accused instructing them to rectify such violation, failed to do the same.”
The BSP filed the charges against Yasay and 9 other Banco Filipino officials on April 4, 2011. Yasay was then director of Banco Filipino.
The BSP said Yasay and the other Banco Filipino officials "repeatedly violated several laws" for the following: Willful refusal to stop the conduct of unsafe, hazardous, and unsound banking practices; Falsification and issuance of false statements to hide the true financial condition of the bank; Willful refusal to file audited financial statements; Willful refusal to report DOSRI (directors, officers, stockholders, and other related interest) loans; Twenty-six counts of willful refusal to comply with numerous banking laws and BSP directives
The BSP pointed out that Banco Filipino "engaged in hazardous lending and lax collection policies and practices."
Let’s hope Chairman Yasay can emerge from this scandal ten feet tall. He is one of the only few remaining outstanding Ilonggo icons in national politics.
(The author, who is now based in New York City, used to be the editor of two local dailies in Iloilo)