President Ferdinand Marcos Jr. on Wednesday assured the public that his government would use public money wisely, saying this is his policy.
In a statement, Malacañang said taxpayers’ money will be used on projects that will benefit the Filipino people, just as the Bangko Sentral ng Pilipinas presented new notes and coin series bearing Mr. Marcos’ signature.
“Be assured that it is the policy of this administration, to ensure that every peso and every centavo that the government spends in its programs and projects will be to the benefit of all Filipinos,” the President said.
“So, I convey my full support to all our BSP officials and their employees. I also have complete confidence in your capability, competence, and integrity,” he added.
Mr. Marcos also urged the Central Bank and relevant agencies to ramp up its fight against illegal activities and work on bank reforms “to guarantee that public interest remains at the heart of the government’s priorities.”
The financial system must be used to benefit Pinoys, he said, adding that this should be efficient and secure.
Aside from this, the President sought innovation and “smart solutions” that will help address Filipinos’ burden in their daily lives. Malacañang did not elaborate.
Mr. Marcos had urged his government to finally digitalize transactions nationwide, as the country plans to include more Filipinos in the financial system.
It would be “neglectful,” he said, if the country would not acknowledge the trend.
The President encouraged government agencies and the Filipino people to innovate and come up with sustainable and smart solutions that will uplift lives and lessen the burden on the people.
The chief executive also rallied for unity to improve the safety and efficiency of the Philippine financial system and make it an instrument of progress, benefitting ordinary Filipinos.
According to the President, the issuance of the new polymer banknote is “smarter, cleaner, stronger,” which, he said, serves as a response to the pressing public health and safety concerns due to the pandemic.
It also promotes environmental sustainability and celebrates the country’s rich natural and national heritage, he said.
The new banknotes are more durable, hygienic, and cost-effective and have distinct designs and security features consistent with the principles of currency integrity, social relevance, efficiency, and aesthetics, as well as having a unified theme.
BSP’s innovative endeavor is also consistent with the administration’s policy to promote sustainability by using environment-friendly production resulting in a smaller carbon footprint and lower water and energy usage, Mr. Marcos noted.
The President echoed calls to raise more awareness on the proper handling of polymer banknotes as he looks forward to wider traction and adoption as the country transitions to using the new polymer currency.