Rep. Jose Carlos Lacson (Neg. Occ., 3rd district) yesterday said he has filed a resolution with the House Committee on Banks and Financial Intermediaries to conduct an inquiry into the misspelling of the surname of President Gloria Macapagal Arroyo on recently released P100 bills.

The last name of the President was spelled Arrovo instead of Arroyo.

The printing of Philippine currency is not just like printing of any other official documents, it is virtually a sovereign act of the country as payment by the Bangko Sentral ng Pilipinas is guaranteed by the government, Lacson said.

Lascon, vice chairman of the House Committee on Banks and Financial Intermediaries, said he is seeking the investigation because there might be something more serious in the misprinting of the notes that deserves looking into.

Earlier the Philippines had depended on foreign currency printers and minters for its supply of local notes and counts until a presidential decree was issued on Aug. 27, 1975 granting the BSP the authority to operate the Security Printing Plant for the printing of bank notes and the operation of a mint, Lacson said.

The establishment of the Security Printing Plant was designed to ensure security in all stages of printing and minting, Lacson said.

"There is an urgent need to inquire about the events leading to the misspelling in order to avoid in order to avoid a repetition…and more importantly to determine whether there is a deficiency or defect either in the law or in the implementation," he added.*CPG

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