Press Release
March 25, 2006

SENATE MINORITY WARNS AGAINST RECYCLING OF
P10-B WORTH OF PESO BILLS FOR CHA-CHA

The Senate minority bloc is seeking an explanation from the Bangko Sentral ng Pilipinas (BSP) on the disposition of P10 billion worth of old P1,000 bills that were withdrawn from circulation.

Minority Leader Aquilino Nene Q. Pimentel, Jr. (PDP-Laban) said the public deserves to know how the demonetized bills are being disposed to dispel any suspicion that they may be recycled and used by the administration to fund its Charter Change campaign.

My fear in that the supposedly demonetized bills may be used for the administrations Cha Cha initiative, he said.

The withdrawal of the old peso bills from circulation came a few days before barangays all over the country hold village assemblies today to discuss Charter Change amendments and to gather signatures in support of this initiative.

Pimentel recalled that during the authoritarian rule of the late President Ferdinand Marcos, book entries of the Central Bank were padded to conceal the recycling of bills already withdrawn from circulation.

The old P1,000 bills that have been demonetized are being kept at BSPs security plant in Quezon City. This was reportedly confirmed by the Commission on Audit.

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