New peso bills with Benjamin Diokno signature out soon

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is set to release soon new bank notes bearing the signature of newly appointed central bank Governor Benjamin Diokno.

In an interview with reporters, Diokno said peso bills bearing his signature would be released and circulated in about three months.

Currently, the BSP is circulating the new generation currency banknotes series, which was launched in 2010 to replace the new design series bills introduced in 1985.

Diokno was appointed as the new BSP chief on March 4, to replace the late Nestor Espenilla Jr. who passed away last Feb. 23 after battling tongue cancer for more than one year.

In his first media briefing as BSP chief, Diokno said slowing inflation in the Philippines would give the central bank the opportunity to ease monetary policy.

However, he said the timing of any such action would be data-dependent and evidence-based.

Diokno has also hinted that the central bank may cut the reserve requirement ratio by one percentage point over the next four quarters amid the steady downtrend in inflation.

During the first Monetary Board meeting he presided, the BSP decided to keep interest rates steady due to the slowing down in inflation which is now expected to ease back to the central bank’s two to four percent target for both 2019 and 2020.

Meanwhile, Diokno has also expressed his intent to continue the reforms initiated by his predecessor, and focus on the integrity of the banking and financial system as well as the financial inclusion program.

Furthermore, he said the central bank would put more emphasis on fighting cyber threats and attacks.