MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Forget about the expiry dates on those face shields!
Senator Risa Hontiveros today proposed that all peso bills, starting with the P1,000, P500, and P100 denominations, be printed with expiry dates.
Hontiveros told The Adobo Chronicles that the rationale for her proposed bill is to prevent hoarding and money laundering. ”By including expiration dates on all peso bills, we will discourage people from keeping their money in their bauls (treasure chests) or in shoe boxes in their closets,” she said.
The Senator also sees her measure as a way to revive the economy which has been devastated by the Covid-19 pandemic. ”People will be forced to spend their money and help businesses recover from huge losses in the last two years or so.”
If Hontiveros’ proposal is approved, all new future bills that will be printed by the Central Bank of the Philippines, will have expiry dates after 10 years from date of printing.