Amando M Tetangco, Jr: Layon - money as vision of a nation
Speech by Mr Amando M Tetangco, Jr, Governor of the Central Bank of the Philippines
(Bangko Sentral ng Pilipinas), at the opening of the Layon Exhibit at the BSP Money
Museum, Manila, 3 July 2007.
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Monetary Board Members, officers and directors of the Philippine Numismatic and
Antiquarian Society, Mr. and Mrs. Angel Cacnio, Mrs. Fely Asuncion and other members of
the Asuncion family, fellow central bankers, ladies and gentlemen, good morning.
The 14th anniversary of BSP finds us celebrating on several fronts - we have new facilities,
an exciting exhibit at our main building lobby, and the grant of support for various social
projects.
Another cause for celebration is the "coming home," so to speak, of the designs for Philippine
currency that were proposed in the 1940s to the 1950s. These never reached Philippine
shores, had never been in private hands, and were seen by the public only for the first time
when these were included in the catalogue of the American auction house H. R. Harmer.
Interestingly enough, it was Dr. Benito Legarda, the Central Bank official who started the
Money Museum, who called our attention to the auction. I therefore ask all of you to join me
in acknowledging Dr. Legarda by giving him a round of applause. While Dr. Legarda cannot
join us today, we are assured he is celebrating this moment with us as well.
Dr. Legarda retired from the Central Bank more than two decades ago, but the central bank
remains close to his heart. As they say, once a central banker, always a central banker.
The Monetary Board was quick to realize the significance of these pieces in the history of the
BSP and indeed, of our country, and readily approved our participation in the auction. I
therefore ask all of you to join me in thanking the Members of the Monetary Board here with
us today by giving them a round of applause.
Canadian numismatist Douglas Andrews describes the pieces as "stunning in their use of
proposed color schemes, vignettes, and different designs, many of which look contemporary
even by present standards." He considers the bound volume containing an assortment of
3,500 different trial and proof notes from the late nineteen-forties and early fifties as the
largest single offering of color proof notes ever.
Other currency designs in this exhibition are those made by Italian company Istituto
Poligrafico dello Stato as well as by Filipino artists Angel Cacnio and Rafael Asuncion. They
prove that the artistic talent of the Filipino is indeed world class, as their works join the
foreign works in this exhibition.
Mr. Cacnio allowed us to reproduce his designs for the exhibition, and we thank him,
especially as he joins us today with his wife Mrs. Amelia Cacnio. On the other hand, Mr
Asuncion has passed on, but we thank his wife Mrs. Fely Asuncion and her family for lending
his works and for joining us today.
The exhibition conceptualized by museologist Ino Manalo proposes that currency design
embodies the vision and aspirations of a nation and its leaders. We can see in the proposed
designs for instance the focus on power generation, the importance of agriculture, and
excitement over the development of Mindanao.
Layon, the exhibition title, refers in our native language to objectives, goals and visions. But I
understand that it can also mean the deep part of the river, referring to the role of money as
currency, as a current that flows through our economy and our lives.
Through this exhibit, let us explore the convergence of art and the economy that is
established by currency design; the relationship between currency design and the vision of
national economic development.
Thank you all and good morning.