Philippine central bank to relocate currency production facility outside capital

Xinhua News Agency | Sep 13, 2019 at 8:56 AM

MANILA, Sept. 13 (Xinhua) -- The Philippine central bank Bangko Sentral ng Pilipinas (BSP) announced its plan on Friday to transfer its currency production facility to New Clark City in Capas in Tarlac province.

The BSP signed a memorandum of understanding (MOU) with the Philippine Bases Conversion and Development Authority (BCDA) to transfer its facility to New Clark City, about 100 km north of Manila.

Under the MOU signed by BSP Governor Benjamin Diokno and BCDA President and Chief Executive Officer Vivencio Dizon, the two agencies committed to working towards the establishment of the new production facility on a 29.22-hectare parcel of land within the New Clark City - National Government Administrative Center (NGAC).

"It is crucial for the BSP to maintain a currency production facility that will allow sufficient agility to meet the country's currency requirements," said Diokno.

"The move to the New Clark City will also boost the bank's capacity to sustain its operations in times of calamity or natural disaster," he added.

The MOU indicates that the development of the offices of BSP in New Clark City shall be consistent with the Phase one development of New Clark City within the four-year timeframe, from 2019 to 2022.

The 200-hectare NGAC is the first phase of 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, according to the BSP.