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BSP-SPC Receives ISO Certification

09.02.2003

The Bangko Sentral ng Pilipinas adds another distinction to its cap on Friday, September 5 when it receives an ISO certification for its Security Plant Complex (SPC), one of the world's rare facilities which combine banknote printing, coin minting, gold refining and the printing of security documents under one roof.

The ISO certification attests that all phases of SPC's operations are aligned with international standards.  Earlier, SPC earned ISO certification for its minting and passport printing units.  This time, the ISO is being awarded to the entire SPC complex.  The ISO certification will be received during the SPC's 25th anniversary celebration this Friday.

Created to make the country self-reliant for its banknote and coin requirements, SPC has steadily expanded its production capacity since it started operations in 1978.  Initial capacity of SPC was 400 million pieces of banknotes and 400 million pieces of coins per year; today, SPC is able to produce 2.5 times more at 1 billion pieces banknotes a year while coin minting capacity is four times higher at 1.6 billion pieces of coins a year.  In the process, SPC has generated tremendous savings for the Philippines as relying totally on imported coins and banknotes would have cost a lot more.  Presently, there are over 1.145 billion pieces of banknotes and 8.793 billion pieces of coins in circulation all over the country, with a total value of P218.6 billion.

SPC's ability to produce the country's money allows Bangko Sentral to conduct a nationwide campaign encouraging the public in general and the banks in particular to exchange dirty legal tender Philippine banknotes fore replacement with new and clean pieces.  A Memorandum of Agreement on the Clean Note Program signed in July by BSP with the Bankers Association of the Philippines, the Chamber of Thrift Banks and the Rural Bankers Association of the Philippines commits banks to accept dirty money from the public and exchange this for clean notes with BSP's Cash Department.

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