Thursday, November 20, 2008

P 100,000 Bill and P 2,000 Bill

2,000 peso (dalawang libong piso) bill: This blue, yellow and purple bill was created for the 1898 - 1998 centennial. On the front side, President Joseph Estrada is seen taking his oath of office at the historical Barasoain Church. On the reverse side, President Fidel Ramos waves the Philippine flag from the same balcony where General Emilio Aguinaldo first displayed the original Philippine flag. The Philippine Centennial logo is also visible. The bill is larger than the usual size at 216 mm by 133 mm.

100,000 peso (isandaang libong piso) bill: The gold-coloured 100,000 peso bill was created for the 1898 - 1998 centennial and the Philippine Centennial logo can be seen on both side of the bill. Only 1,000 bills were created and each bill contains 21 security codes to prevent counterfeiting. This bill is larger than the usual size at 355.6 mm and 215.9 mm. The front of the bill illustrates the Cry of Pugadlawin led by Andres Bonifacio, marking the beginning of he revolution for independence against Spain. The reverse side is the same as the reverse side of the older five peso bill. From the balcony of his house, General Emilio Aguinaldo displays the Philippine flag to the crowd below and proclaims independence from Spain. The 100,000 peso bill is currently listed by Guinness World Records as the largest legal tender although the bill was meant to be a collector's item rather than to be used.

Saturday, November 8, 2008

GMA Signs RA 9510 Credit Information Act

GMA signs Republic Act 9510 or the Credit Information Act which was then certified urgent by Malacanang a week before November. RA 9510 is said to create a centralize credit information system which in its absence would be deterrent to the financial systems development. The establishment of the centralize credit information system is expected to improve the availability of credit, scale interest rates to a competitive level, and reduced dependence on excessive physical collateral to secure credit facilities.

However the above claims are contested or commented for some flaws by others to only impair and slowdown capital flow in the market for a number of reasons. Heres some:
  1. Will the bank be willing to disclose their hardearned blue chip debtor? Its the law do they have a choice?
  2. It is design to reduce the risk of defaults, but is it absolute?
  3. Officials predilection to manipulate records is likely possible.
  4. We only have Central Credit Information Corp. (CCIC). What if politics come into play? We have one here in the Philippines while the US have 3 companies namely; Experian, TransUnion, and Equifax.
The Senate Bill 62 is the counterpart bill of RA 9510 and is the only copy I happened to locate through the Senate website. It's not the final bill but it will give you the idea of what RA 9510 is.

I have save a copy and tried to upload it but to no avail I wasn't successful. If you want a copy of SB No. 62 send me email and I'll send you one.