bangko sentral recycles
| |

Bangko Sentral recycles old peso bills into armchairs for this Davao City classroom

ByJustpaste.in

MANILA, Philippines – Nearly 100 armchairs made entirely from recycled polymer banknotes have been donated to Doña Pilar L. Marfori Elementary School in Davao City, giving the notes a second life after they were deemed unfit for circulation.

The chairs were turned over on Wednesday, July 22, through the Banknote-to-Armchair Project of the BSP Employees Association Inc. (BSPEAI).

BSP Deputy Governor Mamerto Tangonan, BSP Mindanao Regional Office officer-in-charge Jason Capocao, BSPEAI president Brent Lucero, and Currency Policy and Integrity Department director Eloisa Glindro led the ceremonial turnover to the school, represented by principal Eloisa Questo.

The project transforms damaged or worn-out polymer notes, along with manufacturing byproducts, into durable classroom furniture. The employees’ association partnered with private recycling company Envirotech Waste Recycling Inc. to produce the armchairs.

“Polymer banknotes follow a planned lifecycle from circulation to recycling. End-of-life management is built into their design,” Tangonan said.

Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan stands in front of a class in Doña Pilar L. Marfori Elementary School in Davao City. Photo by Bangko Sentral ng Pilipinas.

Lucero said the Davao City elementary school was selected after the group assessed the needs and priorities of communities on the ground.

The project also highlights one of the BSP’s arguments for shifting from paper to polymer notes: they are designed to last longer and require less frequent replacement. (READ: Senators, farmers question design of new P1,000 polymer bills)

From 2022 to May 2026, the BSP said just 0.02% of the P1,000 polymer banknotes issued to banks were returned to the BSP because they were already worn out or damaged. By comparison, 54.75% of the P1,000 paper banknotes issued over the same period were eventually returned in worn-out or damaged condition.

The BSP said it had also yet to receive any unfit lower-denomination polymer notes since the new P50, P100, and P500 polymer bills were first released in December 2024. – Rappler.com

Similar Posts

  • | | | | | |

    ABS-CBN talks up its ‘new’ future, but its new owners weren’t in the room

    ByJustpaste.in

    (1st UPDATE) Hours after Wednesday’s stockholders’ meeting, ABS-CBN discloses that its board had approved the corporate changes needed to accommodate the P6 billion in fresh equity that could substantially alter who owns the company

  • |

    PSX rallies over 400 points in early trading as investor sentiment improves

    ByJustpaste.in

    KARACHI: Buying activity returned to the Pakistan Stock Exchange (PSX) on Monday, with the benchmark KSE-100 Index gaining more than 400 points during the opening phase of trading as investors showed renewed interest in major sectors. At around 9:50am, the benchmark index was trading at 181,880.56 points, recording an increase of 450.54 points, or 0.25%, compared with the previous close. The positive momentum was supported by buying across several key sectors, including automobile assemblers, cement companies, commercial banks, oil and gas exploration firms, oil marketing companies (OMCs) and refineries. Several heavyweight stocks also contributed to the upward movement. HUBCO, ARL, OGDC, POL, PPL, PSO, HBL, MCB, MEBL and NBP were among the prominent index constituents trading in positive territory during the early session. The latest gains came after the stock market delivered a strong performance last week, when easing geopolitical concerns helped improve investor confidence. Developments surrounding diplomatic efforts between Iran and Oman regarding shipping activity through the strategically important Strait of Hormuz, coupled with expectations of a possible wider understanding between the United States and Iran, provided some relief to financial markets. The KSE-100 Index had climbed 5,335.89 points, or around 3%, during the previous week, closing at 181,430.02 points. Global markets provide additional support The positive trend at the PSX was also in line with broader gains across Asian equity markets. Regional stocks moved higher on Monday after Wall Street ended the previous session at record levels, supported by weaker-than-expected US employment data. The softer US jobs figures reduced expectations of an immediate increase in borrowing costs, encouraging investors to take on more risk. However, uncertainty surrounding diplomatic developments in the Gulf continued to influence energy markets. Oil prices edged higher as concerns persisted over the movement of ships through the Strait of Hormuz, one of the world’s most important routes for global energy supplies. Iran said on Sunday that discussions with Oman over arrangements for new shipping lanes through the Strait of Hormuz were nearing completion. However, Tehran maintained that the waterway would not fully return to normal operations until the United States met additional conditions. The uncertainty contributed to a rise in international crude prices. Brent crude futures increased 0.9% to $84.32 per barrel, while US West Texas Intermediate crude gained 0.7% to $78.74 per barrel. US inflation data in focus Investors are also closely watching the upcoming US consumer inflation data, which could influence expectations regarding the Federal Reserve’s monetary policy. The US July consumer price report, due on Wednesday, is expected to show a 0.1% increase in headline inflation and a 0.2% rise in core inflation, according to market expectations. A stronger-than-anticipated inflation reading could revive concerns that the Federal Reserve may consider raising interest rates in the coming months. Conversely, a softer reading could strengthen expectations of a more accommodative monetary policy. Market pricing currently indicates that expectations for a September rate move have weakened. The probability of such a move has fallen to roughly 44%, compared with about 67% a week earlier. The decline in expectations for higher interest rates supported US Treasury bonds on Friday and helped major Wall Street indices finish at record levels. Asian equities follow Wall Street Asian markets broadly followed the positive lead from the United States on Monday. Japan’s Nikkei 225 advanced around 0.6%, while South Korea’s benchmark index gained approximately 0.5%. Meanwhile, MSCI’s broadest index of Asia-Pacific shares excluding Japan rose about 0.3%. For Pakistan’s equity market, the combination of stronger global sentiment, improved geopolitical expectations and renewed buying in heavyweight stocks provided support at the start of Monday’s session.

  • |

    Senate questions FBR over Rs1,120bn tax-exempt imports

    ByJustpaste.in

    Islamabad: The Senate Sub Committee has raised serious questions over the Federal Board of Revenue’s failure to provide complete records related to Rs1120 billion worth of tax exempted imports in former FATA and PATA regions, while also seeking detailed tax information from major tobacco companies including Pakistan Tobacco Company and Philip Morris Pakistan Limited. The matter came up during a meeting of the Senate Sub Committee convened by Senator Saifullah Abro at Parliament House. The Committee was reviewing press freedom concerns, cigarette smuggling networks, tax evasion issues and possible misuse of duty exemption systems. At the beginning of the meeting, Pakistan Federal Union of Journalists President Afzal Butt raised concerns regarding remarks made about a private channel reporter during an earlier Committee meeting. Senator Saifullah Abro assured that the Committee respects every citizen and considers the media an important partner in highlighting national issues. He stated that the Committee would continue working on matters related to illegal tobacco trade and economic losses faced by the country. At the beginning of the meeting, Pakistan Federal Union of Journalists President Afzal Butt raised concerns regarding remarks made about a private channel reporter during an earlier Committee meeting. Senator Saifullah Abro assured that the Committee respects every citizen and considers the media an important partner in highlighting national issues. He stated that the Committee would continue working on matters related to illegal tobacco trade and economic losses faced by the country. The main focus of the meeting shifted towards the Federal Board of Revenue’s pending information regarding tax exempted areas. The Committee noted that raw materials worth Rs1120 billion entered tax exempt regions between 2018 and 2026 under exemption arrangements. Members expressed concern that manual tracking systems and a lack of automated verification could create risks of illegal movement of goods into taxable markets. The Committee once again directed FBR to provide complete details of consumption certificates issued against the Rs1120 billion imports and submit tax related information for the tobacco sector, especially regarding Pakistan Tobacco Company and Philip Morris Pakistan Limited. During the meeting, officials also discussed investigations into cigarette theft cases and illegal activities in the tobacco sector. The Federal Investigation Agency briefed the Committee about cigarette theft cases in Peshawar, Khyber Pakhtunkhwa. The Committee also reviewed the investigation regarding senior officials and a tax charge sheet issued against Deputy Commissioner Inland Revenue Fahim Rashid in connection with Paramount Tobacco Company. Another serious matter discussed was the theft of 2,828 cigarette cartons from an FBR warehouse. The cartons were reportedly valued at Rs25 crore. The Committee directed FBR to prepare clear Standard Operating Procedures for registering, handling and managing seized goods to prevent such incidents in the future. The Committee also examined concerns related to cigarette smuggling and tax losses, stressing that illegal trade not only affects government revenue but also creates unfair competition for legal businesses. The meeting also discussed government advertisement spending and tobacco industry media campaigns. The Committee reviewed information provided by the Press Information Department and Pakistan Electronic Media Regulatory Authority and stressed the need for greater transparency in advertisement payments and media related spending. The meeting was attended by Senators Umer Farooq, Muhammad Talha Mehmood and Dilawar Khan as well as senior officials from the Ministry of Interior and Narcotics Control, Ministry of Information and Broadcasting, Press Information Department, FBR Inland Revenue, Customs, FIA, National Cyber Crime Investigation Agency and other relevant departments. Senator Saifullah Abro directed all concerned institutions to provide the required information and continue cooperation with the Committee. The Committee made it clear that investigations into tax exemptions, tobacco sector irregularities and smuggling networks would continue until complete records and explanations were provided.

  • | | |

    Pakistan receives $3.6 billion in remittances in J…

    ByJustpaste.in

      KARACHI: Pakistan received $3.6 billion in workers’ remittances from overseas Pakistanis during July 2026, marking a significant increase compared with the same period last year, according to data released by the State Bank of Pakistan (SBP). The central bank reported that remittance inflows increased by 13% year-on-year in July and also recorded a 4.5% rise compared with the previous month. The latest figures highlight the continued importance of overseas Pakistanis in supporting the country’s foreign exchange position and overall economic stability. Saudi Arabia remained the largest source of remittances during the month, sending $913.9 million to Pakistan. The United Arab Emirates (UAE) followed with $737.3 million, while overseas Pakistanis in the United Kingdom contributed $555.5 million. The United States also remained an important source, accounting for $317.2 million in remittance inflows. Prime Minister Shehbaz Sharif welcomed the increase and expressed satisfaction over the $3.6 billion received in July. In a statement issued by the Prime Minister’s Office, he said the 13% year-on-year increase in remittances was encouraging and reflected the continued contribution of overseas Pakistanis to the national economy. The prime minister also highlighted the 4.5% month-on-month growth, saying that the consistent financial support provided by overseas Pakistanis was playing an important role in strengthening Pakistan’s economy. He described overseas Pakistanis as a valuable and integral part of the country’s economic mainstream. The latest figures have also generated positive expectations regarding Pakistan’s remittance outlook for the ongoing financial year. Topline Research estimated that remittances could reach around $40.1 billion during FY27 if the current trend continues. Economist Dr Khaqan Najeeb said remittances were becoming increasingly important as a source of foreign exchange, particularly at a time when Pakistan’s export sector continued to face difficulties. According to him, the country’s weak domestic economic conditions, limited employment opportunities and significant differences between local and international wages were encouraging more Pakistanis to seek employment abroad. He noted that the movement of workers overseas was resulting in a corresponding flow of foreign exchange back into Pakistan. The economist said these inflows were helping the country manage its balance of payments and reduce pressure on its external accounts. However, he also warned that the growing dependence on remittances highlighted deeper structural weaknesses within the domestic economy. Dr Najeeb pointed out that Pakistan’s increasing reliance on overseas employment reflected the country’s inability to generate enough productive and well-paying jobs at home. While remittances provide valuable financial support and strengthen foreign exchange reserves, he argued that sustainable economic growth requires stronger domestic employment opportunities and a more competitive export sector. The July figures therefore present both an encouraging development and a broader economic challenge. Rising remittances are providing Pakistan with much-needed foreign exchange, but policymakers also face the task of improving domestic economic conditions so that overseas employment becomes a choice rather than a necessity for a growing number of Pakistanis.

Leave a Reply

Your email address will not be published. Required fields are marked *