Platinum has played a very important role in shaping the history of mankind particularly the world of science and technology. Usage of platinum dates back from the ancient civilization of Egypt and the Roman Empire. However due to the rarity and isolation of the metal unlike that of gold and silver, it can only be found in the history of the western civilization, and in modern times can only be mined either in South Africa or the Ural mountains of Russia. So rare that it is 30 times rare than gold and so scarce that if the entire platinum in the world is gathered inside an Olympic-size swimming pool, it would barely reach an ankle.








Asia has no particular episode in its history where it was indicated that the metal was used except during the early part of the 20th century or before World War II broke out.

In some occasion during the occupation of Spain, some gold coins intended for monetary circulation in the Philippines. Spanish counterfeiters used platinum to counterfeit gold coins because of its high density and its closeness of weight with gold.

Platinum was never considered by the Spaniards as valuable metal because of its high melting point and high-resistant to heat which made it an unqualified candidate for minting coins.

In the Philippines, platinum has never become a subject nor has never been identified as part of any period of its history except for several rumors that the metal was secretly smuggled to the Philippines by the Japanese Imperial forces during World War II. Nonetheless, treasure hunters have pursued this rare metal with no particular evidence of success except for more rumors and tall tales.

Recently, an amulet or "anting-anting" entirely different from any other amulet surfaced and was accidentally discovered. Rarely that a white anting-anting has ever been produced nor have been encountered at all. So different that it was initially thought as made of stainless steel. Its size is exceptional with a diameter of 63 mm and about 1 and half millimeter thick.

First, I was hesitant to write an article about it and introduce this to the public since I was not really sure what it is. After making some test and analysis, the amulet was found to be made of platinum.

The discovery of this metal as being thought to have been absent in the history of the Philippines has significantly altered what we know about our past, particularly the period of "The Revolution" between the end of the 19th century and the middle of the 20th century.

According to our history, anting-anting or amulets were worn by the Katipuneros during the revolution to give them strength and protect them from the bullets of the Spaniards. Under equipped and without armors nor shield to repel projectiles, these amulets served (as they believed)as the source of their unusual power and strength.

The inscription written on the amulet is Latin though some of the words seems to be borrowed Latin or pidgin. The formation and arrangement of symbols are masonic while in some part of the amulet coded messages that could represent direction or maps can be seen.

Whatever is written on this amulet is another mystery to solve while its discovery will now definitely create a major impact in the rich history of the Filipino people. Instead of answering a puzzle, this piece of artifact now baffles the world of antiquities and even numismatic. Where did this piece come from? Who made it? Who wore it? And more questions, which I myself still has no answer.

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The long wait of collectors and followers of the late Cory Aquino is finally over as the government is nearing the issuance of the proposed five-hundred peso bill featuring the late president Corazon C. Aquino for circulation, a senior central bank official said.

The new legal tender secured approval from the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board, the agency’s policy-making body, and Malacañang before the end of the year as part of the intended goal of the BSP to redesign our currency.

The new notes are expected to be in circulation before the year ends but special trials and special issues would become available to collectors before that date.

The BSP decided to overhaul designs of all bank notes to keep up with technological advances and to stay one step ahead of counterfeiters, Guinigundo said.

Other new bank note designs may include Philippine attractions such as the Banaue Rice Terraces, and the Underground River in Palawan, he hinted.

Currently, the front of the yellow P500 bank note features the image of Mrs. Aquino’s husband former Sen. Benigno Aquino Jr.

The former senator’s assassination in 1983 triggered a series of protests that led to the EDSA 1 bloodless revolt that ousted then strongman Ferdinand Marcos from power in 1986.

Mrs. Aquino, a key figure in that revolt who sat as president until 1992, succumbed to colon cancer last August 1.

On Wednesday, BSP Governor Amando Tetangco Jr. was quoted as saying that the agency is considering honoring Mrs. Aquino by having her image on the P500 bill.

“Yes, I have asked the numismatic committee to consider the proposal to put up the portrait of former President Aquino in the P500 bill in designing our new generation currency notes," he said in a report.

The committee, led by Guinigundo, is composed of other central bank officials and historian Ambeth Ocampo as representative of the National Historical Commission.

Former BSP Governor Jaime Laya is a consultant.

Once the redesigns are complete, they will go through the Monetary Board and then sent to Malacañang for final approval.

“The notes will go to print upon approval by the President," Guindigundo said, adding that no new print has been previously rejected by a president.

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The Manila-Acapulco Galleon trade, an important economic infrastructure of Spanish colonial rule, was a flourishing trade that plied the Pacific Ocean, shuttling back and forth from Manila and Acapulco, Mexico from 1565 to 1815, carrying goods such as spices, porcelain, textile, furniture, gold ornaments, fixtures, etc is made famous by one single coin, the Spanish Peice of Eight.

In an initiative to bring the understanding of the rich tradition of the galleon trade within the public realm, the Intramuros Administration is organizing the International Conference on the Galleon and the Making of the Pacific, on Nov. 9-11 at Villa Immaculada, Gen. Luna cor. Anda St., Intramuros, Manila

“The Galleon trade built Intramuros, from its churches, to the schools,” states Anna Marie Harper of the Intramuros Administration. “It marked the start of globalization from the Orient to Europe.” At its peak, only one single coin conquered the trade of the world which was no other than the legendary "Dos Mondos" or the Pillar Dollars. Known for its beauty, purity, and aesthetic. The "Dos Mondos" not only symbolizes the meeting of the East and the West by design but it otherwise characterized the passion for travel, adventure, and exploration.

The three-day gathering of scholars from Spain, People’s Republic of China, Indonesia, the United States, Mexico, and the Philippines will look into the context and infrastructure of the Galleon Trade, its impact on regional trade in Asia and the Americas, and the horizons of change and cultural transformation brought by the Galleon trade.

“More than just an exchange of goods, the Galleon was key to an exchange of culture amongst the countries along the route it plied,” Harper adds. “Even today, linkages between Filipino and Mexican culture can be traced back to their roots in the Galleon trade.”

Students, the academe, cultural workers, and history enthusiasts, are enjoined to attend the conference, which covers discussions on heritage and conservation in the port cities during
the Spanish empire, trade in island Southeast Asia from 1565 to 1815, music in the rituals and ceremonies during Colonial Manila, insights into the transformation of the economy during the Galleon trade, a survey of the cultural influences from Latin America during the Galleon trade, the contribution of the Philippines to the galleon and the making of the Pacific, and the Manila-Acapulco Trade from the Perspective of Mexico-Sevilla traffic.

Speakers include economic historian Dr. Benito Legarda; Dr. Gusli Asnan of the Ministry of Museum and Antiquities of Indonesia; Javier Ruescas and Javier Wrana of the Associacion Cultural Galleon de Manila-Madrid; Dr. William Summers professor of Musicology of Dartmouth College, US; Dr. Wu Jie Wie of the University of Beijing; Architect Jorge Loyzaga of Mexico; Architect Francisco Pol, Professor, University of Alcala and Recipient of the Premio National de Urbanismo, Spain; Dr. Carlos Lles Loza, urban sociologist from the Universidad Carlos III.

Two roundtables (heritage conservation and current researches on Intramuros and the galleon trade) will be convened with presentations from stakeholder institutions in the vicinity of Intramuros. Dr. Ing. Adolfo Jesus Gopez, president of FEATI University, Ambassador Reynaldo O. Arcilla, Dean of International Relations of Lyceum University, Dean Ramona Lopez-Ty of the Pamantasan ng Lungsod ng Maynila, and Professor Manuel Zamora of the Intramuros Studies Center of Letran College are among the discussants.

Aside from talks, round table discussions, and workshop sessions, the conference also features out of conference activities, including museum tours and walking tours.

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Gold prices surged to a new high Tuesday as investors sought a safe harbor from a falling dollar and inflation.

Gold for December delivery rose to as high as $1,045 an ounce, surpassing a previous intraday high of $1,033.90 logged in March 2008, just days after Bear Stearns Cos. collapsed.

Gold also had a record high closing price, finishing the day at $1,039.70 an ounce, up $21.19, or 2.2 percent. Some analysts see the dollar rising to $1,100 in the coming days.

Gold's advance was stoked by a tumbling dollar, which hit a 14-month low against the Australian currency after Australia became the first major country to raise interest rates since the onset of the financial crisis.

The move signals that Australia believes its economy is strengthening enough to withstand a slight increase in borrowing costs, and made the Australian currency a higher-yielding and thus more attractive investment to fund managers versus the US dollar.

Meanwhile, the Philippine peso continues to strengten on a daily basis as analysts predicted due to the the falling value of the dollar. Russia and China have recently express their concern that their crude importation will not rely anymore on the dollar but on basket of currencies.

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Three decades ago, the Philippine government took an important step toward greater self-reliance with the establishment of a facility that would be responsible for the production of Philippine bills and coins.

The facility, located on East Avenue in Quezon City, is called the Security Plant Complex (SPC) of the Bangko Sentral ng Pilipinas and is currently headed by Assistant Governor Evelyna Avila.

For most of our history, all our country's coins and banknotes were produced abroad. However, the shortages in coins in the early 1960s prompted the government to seriously consider the idea of producing currency in the country instead of importing all our coins and bills.

In 1975, the Security Plant Complex initially operated a printing plant for banknotes. Subsequently, it went into security printing works and the establishment of a gold refinery and mint.

Currently, the SPC prints circulation and commemorative banknotes. It also produces regular and special checks, e-passports, seafarer's identification and record books, documentary stamps, judicial title forms, and other non-security documents such as bills, bonds, and certificates.

SPC produces circulation coins as well as special coins and medals. It purchases the gold produced by small-scale miners and refines them to forms acceptable in the international gold bullion markets.

While part of our printed money requirements (and all coin blanks) are still outsourced, local production insures that we are able to maintain a comfortable buffer and contingency supply at all times. We also realize significant forex savings commensurate to the volume locally produced.

The amount of money to be printed depends on economic indicators, cash operations data and projected needs of the regional and branch offices of the BSP.

Printed money has an average life of one to five years, depending on frequency of use. Expectedly, lower denominated bills have a shorter life span than higher denominated bills.

The Security Plant Complex celebrated its 31st anniversary earlier this month. Events such as this provide us with a welcome opportunity to look back at the beginnings of an institution that has become such an important part of our economy and our daily lives.

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Last summer was by far remembered as the peak of the price of precious metals when gold reached a record level together with silver and platinum. A year after the collapse of Lehman Brothers, it seem that the prediction made of Peter Schiff that gold may reached $2000 is still around the corner.

Gold climb again to $1020 level and gained at least 16$ in 24 hours as silver surpassed $17 after falling to less than $10 at the beginning of the year. Rumors about China buying the all the gold it could purchase after its government has allowed its companies to walk away from their obligation from US companies. China has been reported to have stockpiled 1000 tonnes of gold due to the suppression of the price of gold for last year.

Analyst and author of the famous book "Crashproof", Peter Schiff otherwise believe that the recession in the United States has not yet ended and the beleaguered superpower is facing a much tougher future due to the massive debt, expenditures, and bailouts it did.

Ben Bernanke was even cautious when he announced today that the recession has finally ended but retracted the optimism by adding that the repercussions would still be experienced.

The weak dollar and several discreet trade agreements between the major global players of the world aggravate the rumor that the fate of the dollar has already been sealed. "The USD would soon be replaced by basket of currencies, and the monopoly of the USD would soon be over." one analyst commented.

Meantime, supply of coins minted out of precious metals continue to decline which simply proves that most holders are already anticipating that the fruit of their patience may soon be realized by another huge climb.

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The Bangko Sentral ng Pilipinas (BSP), who just alloted P2 billion to acquire a brand new currency printer, has been outsourcing the shredding and burning of defective security paper used for printing money to a private company located in Marikina.

Sources close to the Monetary Board, the central bank’s policy-making arm, said Monetary Board members were not informed that the Security Printing Complex (SPC), headed by assistant governor Eve Avila, has outsourced the destruction of security paper to a paper manufacturer and notebooks maker, Noah’s Paper Mills

But the same sources said even without approval, deliveries started this month and at least two BSP armoured vehicles pick up the defective security paper from SPC three times a week for disposing. It was also disclosed that a special armoured car carrying higher-valued banknotes are scheduled every Saturday.

BSP officials were alarmed that SPC did not seek Monetary Board approval to contract a private company to handle the security paper used for making currency notes. The defective security paper was bought from a Spanish papermaker in 2004 to print P100 banknotes.

The Monetary Board is composed of seven members and chaired by the BSP governor, Amando M. Tetangco Jr. who has been with the central bank for more than 30 years. The rest of the board members, with the exception of twice re-appointed Raul Boncan, took on the job only in 2005 while Ignacio Bunye, former press secretary, was appointed last year.

The Monetary Board has already ordered SPC to submit a production report to account for volume and spoilage. BSP can print up to one billion pieces of banknotes at different denominations per year.

Sources said about six percent of SPC spoilage are destroyed but Monetary Board members want to know how defective money is being disposed of.

The BSP is already mired in controversies especially in the bidding of new currency printers.

It is planning to buy a superline currency printing press. The original proposal, which was approved by the Monetary Board in 2007, was to buy two superline printers but a decision was made last month to cut the budget by half.

Because of parties pushing for a negotiated bid, which would blow up the cost by as much as P2 billion, the Monetary Board has ruled that a straight out bidding process will be done.

Once the new printer is acquired, it will replace two printing presses, bought in the 1980s. BSP’s money shredding activities are also done in the Quezon City plant

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A few years ago, the Bangko Sentral ng Pilipinas (BSP) came out with a beautiful coffee table book entitled, “Ginto: History Wrought in Gold.” The book, which discussed our rich history in terms of our nation’s gold possessions, was the subject of one of my columns last year. A recent development at the BSP, which is in charge of refining Philippine gold to be sold to the international market, is worth another brief discussion.

Last May 28, the BSP gold refinery at the Security Plant Complex in Quezon City received good news from the London Bullion Market Association. The LBMA periodically certifies a list of refineries around the world that produce good quality gold.
Dr. Paterson Encabo, Deputy Director of the BSP Department of General Services, said the Bank’s gold refinery had passed the LBMA’s proactive monitoring gold assaying test.

The BSP, Encabo said, continues to be included in the LBMA-accredited Good Delivery List (GDL).

“This means that if we say that our gold has a purity of 99.5 percent, the international market accepts it at face value,” Encabo explained. More importantly, he stressed, being on the LBMA’s list means that those who buy BSP-refined gold bars trust their quality.

Encabo said that the London Gold Market, the precursor of LBMA, first recognized the then Central Bank of the Philippines refinery as an acceptable melter and assayer of “good delivery” bars in September 1979.

Good delivery bars are the final output of the refining process, which involves the separation of gold from other elements such as silver and base metals, and the casting of the refined gold into bars.

“That year was the start of our gold refinery’s operations,” the BSP official said, adding that the Philippines was then among the only three countries in Asia recognized by the London Gold Market.

The LBMA was not that strict in determining the quality of gold bars before, Encabo said. But in 2001, the association decided to become more proactive in monitoring the percentage of gold bars by way of each refinery’s assaying process.

The first step in the LBMA’s monitoring process starts with the taking of a “dip sample” the size of a button from the normal gold production melt. Half of the dip sample would be assayed (this refers to the actual process of determining the percentage of gold) at the BSP refinery while the other half is sent to the LBMA. The LBMA would then forward the sample to a third assayer, also referred to as the “referee,” for analysis. This third party ensures that there is no bias during the whole testing process, Encabo explained.

Encabo said this was the second time the BSP refinery made it to the LBMA list. It last passed the gold assaying test three years ago.

“The most recent test results are good for another three years,” Encabo said. He added that it was a great honor for the BSP hallmark (or actual seal on the gold bar) to be recognized and respected internationally.
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My fellow Kiwanians from the Kiwanis Club of Muntinlupa, led by President Jimmy Ventura, recently had a field day visiting the BSP Money Museum and the pre-Hispanic gold collection at the Metopolitan Museum.

They oohed and aahed as Curator Ginny Cruz walked them through the different epochs in our history and explained the prevailing types of money during the period. They were also all amazed how our ancestors were able to make intricate and artistic gold ornaments with what were probably very crude tools at that time.

Another instant hit was the “money machine” which enabled the Kiwanian visitors to produce their own “money” with denominations up to P100,000 bearing their own photographs and signatures.

Both museums are open to the public Mondays to Fridays, from 9 a.m. to 4 p.m. --- courtesy of MB

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