BSP Governor Benjamin Diokno said it is crucial for the central bank to maintain a currency production facility that would allow sufficient agility to meet the country’s currency requirements.
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BSP mint facility in Clark to be completed in 2 years
Lawrence Agcaoili (The Philippine Star) - September 14, 2019 - 12:00am

CAPAS, Tarlac, Philippines — The Bangko Sentral ng Pilipinas (BSP) is set to complete the planned smart, green, and modern currency production facility in a 29.22-hectare complex at the New Government Administrative Center (NGAC) here in the New Clark City within a two-year period.

BSP Governor Benjamin Diokno said it is crucial for the central bank to maintain a currency production facility that would allow sufficient agility to meet the country’s currency requirements.

Diokno said the move to the New Clark City would also boost the BSP’s capacity to sustain its operations in times of calamity or natural disaster.

“Consistent with the spirit of the New Clark City, the concept envisions a facility that will serve as a leading benchmark for a smart, green, modern complex, not just within the country, but also on the global scale as well,” Diokno said.

The BSP chief added the central bank follows a stringent set of criteria in selecting locations for its facilities.

“These standards – which encompass everything from lot configuration, site condition, to infrastructure support – are intended to ensure that the BSP’s operations are optimally located,” he said.

“After an exhaustive canvass of sites north and south of Metro Manila, needless to say that the New Clark City is the only one that met the requirements of the BSP – with flying colors, might I add,” Diokno said.

Diokno and Bases Conversion and Development Authority president and chief executive officer Vivencio Dizon inked the memorandum of understanding (MOU) wherein both government agencies committed to work toward the establishment of the new production facility where the existing Security Plant Complex in East Avenue, Quezon City will be relocated.

The MOU indicates that the government of the offices of BSP in NCC-NGAC shall be consistent with the Phase 1 development of the NCC within the four-year timeframe from 2019 to 2022.

The current 41-year old SPC houses a banknote printing plant, a securities printing plant, a mint and a gold refinery. The banknote printing plant and the mint take care of producing currency notes and coins, respectively.

Once completed, the proposed facility would have a capacity of five billion pieces of banknotes. The existing SPC has an existing capacity of three billion pieces of banknotes.

With the new state-of-the-art facility, Diokno said the BSP would no longer outsource the printing of banknotes.

According to Diokno, the eight-hectare SPC in Clark would be sold to interested buyers via a public bidding. The BSP is also planning to retrofit and renovate the BSP headquarters along Roxas Boulevard at the corner of P. Ocampo.

“We are proud that the BSP chose New Clark City as the site of its facilities. The relocation of government agencies to this future-proof and resilient metropolis brings the vision for the city of the future to life,” Dizon said.

According to Dizon, the 200-hectare NGAC is the first phase of the New Clark City, the country’s first smart, green, sustainable and resilient metropolis.

The NGAC project involves the construction of back-up offices of government agencies to ensure continuous business operations and services in case of disasters or natural calamities.

“Today, we scored a big one,” Dizon said referring to the signing of the agreement with the BSP on the planned transfer of its Security Plant Complex in East Avenue, Quezon City.

Dizon told The STAR other government agencies that have committed to put up branches and satellite offices at the NGAC include the Supreme Court which is putting up a judicial academy, Department of Information and Communications Technology (DICT), Department of Science and Technology (DOST), the National Bureau of Investigation (NBI), among others.

Phase 1 also includes the world-class sports complex to be used for this year’s Southeast Asian Games, a residence for government employees, and a river park, all of which are 98 percent complete.

BANGKO SENTRAL NG PILIPINAS NEW GOVERNMENT ADMINISTRATIVE CENTER
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