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Posts Tagged ‘notes’

Philippines defends error-filled peso notes

In Uncategorized on December 20, 2010 at 6:27 am

MANILA, Dec 20, 2010 (AFP) – The Philippines on Monday defended its new peso notes, mocked by critics for featuring error-strewn maps of the country and apparently inventing a new species of parrot.

The central bank started shipping the bills to banks last Friday and they should be publicly available by Christmas, deputy governor Diwa Gunigundo said.

He defended the artistic rendition of Philippine maps appearing on the 20-, 50-, 100-, 200-, 500-, and 1,000-peso notes (45 US cents-22.59 dollars), which excluded the Batanes islands near Taiwan and misplaced some of the country’s top tourist draws.

(AFP) Handout photo taken on December 16, 2010 and received from the Malacanang Photo Bureau (MPB) on December 18 shows Philippine President Benigno Aquino (C), Governor and Monetary Board Chairman Amando Tetangco Jr (L), and National Treasurer Roberto Tan displaying the new 500 peso notes.

“If we want to make the Philippine map that specific and accurate we would have had to draw all 7,000 islands,” Gunigundo said in an interview on DZBB radio.

“What we wanted to do was abstract the general location of all these important parts of the Philippines,” he said.

Map makers, including one of the experts drafted to delineate the boundaries of the Tubbataha Reefs natural park in 1994, have pointed out that the spectacular coral formation was misplaced by hundreds of kilometres (miles).

Gunigundo also defended the rendering of a rare native bird, the blue-naped parrot, on the 500-peso bill, saying it was patterned after the yellow colour scheme of the denomination.

The Wild Bird Club of the Philippines, a birdwatchers’ organisation, has insisted the yellow-beaked parrot on the note does not exist anywhere in the country, since in real life the blue-naped parrot has a red beak.

“It took us three years to research (the design),” Gunigundo said, brushing off allegations of slipshod preparation.

The head of the government’s National Historical Institute was an adviser to the bank’s numismatic committee, he added.

“Our local artists who designed our six denominations also did research and they consulted many of our experts in the Philippines.”

More important than the design are the new bills’ security features to make their duplication by counterfeiters much more difficult, Gunigundo said.

It is not the first time the central bank has been left red-faced over currency design. It was forced in 2005 to withdraw bills that misspelled the name of Gloria Arroyo, the predecessor of current President Benigno Aquino, whose signature appears on the new legal tender.

The 2005 bill, which called her Gloria Arrovo, became a much sought-after collectors’ item.

Source: SGGP

Seminar notes improvements of IP rights protection

In Uncategorized on July 4, 2008 at 4:58 pm

International experts have took notice that Vietnam’s legal system on intellectual property (IP) rights has improved a lot which helps consolidate foreign investors’ confidence in the field.

On the sidelines of a two-day workshop entitled “The Cross Cutting Issues of WTO Accession” opened in Hanoi on July 3, US lawyer Thomas J. Treutler said foreign investors are encouraged by the fact that the country has built a legal corridor for the implementation of intellectual property rights with the Law on Intellectual Property Rights as the backbone.

The law, which came into effect almost two years ago, is said to match international standards and treaties Vietnam has joined.

Treutler cited as an example the deal reached between Sony Entertainment, one of the world’s biggest film producers, and one of Vietnam’s domestic agencies in putting authentic products on the local market.

However, he suggested Vietnam further strengthen the enforcement of the law, especially in the business community.

Prof. David A. Gantz from the University of Arizona of the US, said that Vietnam should build a well-publicised anti-piracy campaign and implement criminal penalties for wilful infringement in commercial quantities.

Vietnam should also consider creating a specialised court or court with exclusive jurisdiction over intellectual property cases, he added.

The fifth annual Bussiness Software Alliance (BSA) and IDC Global Software Piracy Study which was released in May said that in 2007, Vietnam registered the most considerable decrease in software piracy rate among Asia-Pacific nations. However, as the rate fell from 88 percent in 2006 to 85 percent in 2006, economic losses from piracy doubled the 2006 figure to 200 million USD.

Besides IP rights, the workshop, jointly held by the Ministry of Industry and Trade and the World Bank, will focus on Vietnam’s trade, services, institutional reform, industrial policy, social welfare and communications issues during the country’s almost two year membership of the World Trade Organisation (WTO).-