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Officers of the Catanduanes native authorities opposed plans of the Bangko Sentral ng Pilipinas to check polymer for banknotes, changing abaca fiber as the first materials for cash payments.
In a joint assertion, Catanduanes governor Joseph Cua and consultant Hector Sanchez acknowledged that the shift to polymer meant stronger and extra hygienic banknotes than abaca fiber.
BSP Deputy Governor Mert Tangonan beforehand claimed that polymer payments had a decrease bacterial rely, an added consideration amid the COVID-19 pandemic.
That stated, Cua and Sanchez maintained that the shift from paper banknotes to polymer posed “impending hurt on the abaca trade, notably the abaca farmers and producers right here in Catanduanes whose merchandise yield as much as 30% of abaca manufacturing within the nation.”
Catanduanes is the Philippines’ greatest producer of abaca fiber and is acknowledged because the nation’s abaca capital.
Cua and Sanchez added that the shift to polymer, though minimal, would worsen the plight of abaca farmers who have been nonetheless reeling from the impression of hurricane Rolly, which hit the province in November final 12 months.
“We urge the BSP to rigorously think about the implications of this resolution, as it might consequence within the displacement of abaca farmers and workers in Catanduanes, which produce about 90% of the area’s abaca and contribute considerably to the Philippines’ multibillion-dollar abaca trade,” the officers wrote.
The BSP beforehand bared plans to check polymer on P1,000 payments on a restricted foundation in early 2022.
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