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The E-Sylum:  Volume 9, Number 18, April 30, 2006, Article 26

FOLLOWING MISTAKE, BANKNOTE PRINTERS VIE FOR PHILIPPINE BUSINESS

According to an article in the Manilla Standard, "De La Rue PLC and
Giesecke & Devrient (G&D) GmBH, the world’s top two private banknote
printers, are vying for a contract with the Bangko Sentral ng
Pilipinas, including the printing of Philippine peso notes..."

"The Arrovo notes—P100 notes that misspelled the name of President
Gloria Macapagal Arroyo—were printed by Oberthur, the third-largest
private printer of banknotes. It caused great embarrassment to the
central bank. It is not clear whether Oberthur was also the printer
of the defective P1,000 notes.

The BSP shredded some 78 million pieces of the Arrovo notes but the
fate of the P10 billion worth of defective P1,000 notes remains
unknown. Oberthur shouldered 75 percent of the losses arising from
the Arrovo notes but the BSP had to shoulder the remaining 25 percent
of the cost as it had approved the printing of the notes."

To read the complete article, see: Full Story

To read an earlier E-Sylum article about the Arrovo error, see:
A TYPO OF PRESIDENTIAL PROPORTIONS
esylum_v08n51a16.html

  Wayne Homren, Editor

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