What is the more economical option: outsourcing or printing our own currency?
As a general rule, printing of our currency at the SPC is cheaper than outsourcing finished notes. This is the reason why the BSP is investing in the continuous upgrading and modernization of our Security Plant Complex. In fact, the bidding for our new banknote printing and finishing equipment is in place. However in exceptional cases, the cost of outsourced banknotes may be lower than that of SPC-printed notes depending on the volume of order, foreign exchange rate, as well as the timing of procurement. For instance, when a foreign printer has idle printing capacity, it may opt to quote lower-than-standard industry rates to optimize use of its facilities. Fluctuations in costs of major materials purchased through competitive bidding, such as paper, are also influenced by the level of orders from other countries at the time of the bidding.
